Decision details

To provide an update on the Future High Streets Fund.

(1) To note the in-principle Future High Streets Fund offer from MHCLG.

(2) To agree the Preferred Option to address the capital funding shortfall and commit the additional proposed co-funding outlined in exempt Appendix 1.

(3) To delegate authority to the Director of Regeneration & Planning to complete the FHSF clarification exercise, subject to consultation with the Leader and the Chief Finance Officer.

The in-principle offer from MHCLG is 69% of the original ask creating a shortfall in capital grant funding.

The Council must review the Re-imagining Newhaven programme costs and explore opportunities for additional co-funding to meet the shortfall in capital grant funding by end February 2021.

Newhaven remains a regeneration priority for the Council, building upon Enterprise Zone designation and investment from a range of partners, and the formation of the Newhaven Town Deal.

An options appraisal is included within the report and considers the following options:

·        Option 1 – removing elements of the programme to meet the funding envelope

·        Option 2 – secure additional funding commitments from the Council

·        Option 3 – secure additional funding from external sources.

Option 2 is the preferred option and is the subject of this report.