Decision details

(Key decision):

(1) To note the successful bid to the Levelling Up Fund, which has secured £12,686,307 towards the regeneration of Newhaven.

(2) To approve an allocation of up to £12.7m in the General Fund Capital Programme, to be financed in full by the grant funding secured as per the recommendation above.

(3) To authorise the Director of Regeneration and Planning to enter into the Funding Agreement that will set out the commercial terms associated with the grant award, including use, access, and ongoing monitoring.

(4) To authorise the Director of Regeneration and Planning, in consultation with the Chief Finance Officer, Lead Member for Finance and Assets and the Lead Member for Regeneration and Prosperity, to carry out all necessary actions to facilitate the recommendations and deliver the programme of works including entry into appropriate legal agreements with delivery partners, feasibility, financing, appointment of professional services, development, contract award(s), lettings, and determining the terms of, and authorising the execution of, all necessary documentation, in accordance with the funding parameters.

(5) To authorise the Director of Regeneration and Planning, in consultation with the Chief Finance Officer, Lead Member for Finance and Assets and the Lead Member for Regeneration and Prosperity to take all necessary steps to conclude the acquisition of Unit 7, Oak Estate, Newhaven.