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Details

Status:
Implemented
Business Item
Lowestoft Investment Plan
Ref.
ES/0469
Is a Key Decision:
Yes
Decision Type:
Committee
Decision Maker:
Cabinet
Date of Decision
Tue 1 Sep 2020
Show on Forward Plan
Yes
Description
Report of the Deputy Leader and Cabinet Member with responsibility for Economic Development
Matter for Decision (to consider...)
To give delegated power to the Strategic Director in consultation with the Deputy Leader  to sign off and approve the investment Plan and negotiate funding with central Government
Service Area
Economic Development & Regeneration
Service Area 2
Not Applicable
Contact for Background Papers:
Paul Wood
Background Papers:
None 
Is Decision District Wide
No
Decision Made
1. That delegated authority be given to the Strategic Director, in consultation with the Cabinet Member with responsibility for Economic Development, to:
(a) agree the Lowestoft Investment Plan with the Lowestoft Place Board, in order to submit it by 31 October 2020, and 
(b) agree Heads of Terms for the Town Deal with the Ministry of Housing Communities and Local Government to take the bid through to the second phase of full business case development for the projects within the Town Deal. 
2. That the growth of £65,238 in the core budget be approved, to extend the temporary positions within the Regeneration Team until December 2022 to ensure the completion of the development phase of projects within the Town Deal, and to report further to Cabinet, once Towns Funding is secured, requesting that these roles be made permanent to deliver the 5 year Towns Deal and the 10 year Lowestoft Town Investment Plan.
Reason for Decision

The Lowestoft Investment Plan provides a strong framework upon which to deliver an ambitious regeneration programme for the town. The Towns Fund Deal sits within the Lowestoft Investment Plan and provides the opportunity to secure up to £25m investment into Lowestoft, which will unlock private sector Investment, create jobs, secure housing sites and regenerate areas of the town for the future.

The request for securing extended temporary officer capacity for the Regeneration Team is of critical importance to the bidding process for this fund as well successful delivery of the Lowestoft Investment Plan and future regeneration within Lowestoft. 

Alternative Options Considered and Rejected
The other option considered was business as usual, which would mean turning down the opportunity of £25m and pursuing a much less ambitious regeneration programme. This would also then fail to capitalise on the other large infrastructure projects taking place in town e.g. Third Crossing, Flood Barrier scheme. Prior to Covid-19, regeneration was vital to move forward on plans to improve the area and deprivation levels that exist. Following Covid-19 the need for regeneration to prevent further decline becomes even more urgent, particularly in the town centre.
Any Declarations of Interest Declared
None 
Any Dispensation Granted
None

Decision Criteria

This Decision does not contain any decision criteria records.

Wards

Carlton and Whitton; Gunton and St Margarets; Harbour and Normanston; Kirkley and Pakefield; Oulton Broad

Topics

This Decision does not contain any Topic records

Overview and Scrutiny

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Decision History

DateTimeCreatedUserFullnameStatusDescriptionDetails
12
 Page 1 of 2, items 1 to 10 of 17.
17/08/2020 11:38:47Karen CookBusiness Item Created 
17/08/2020 11:38:47Karen CookCommittee AddedCabinet
17/08/2020 11:38:47Karen CookMeeting Added01/09/2020 6:30PM
17/08/2020 11:38:58 General Details EditedReference Number Generated (ES/0469)
17/08/2020 11:38:58Karen CookStatus ChangedDecision Scheduled [1]
17/08/2020 11:40:25Karen CookWard AddedCarlton and Whitton
17/08/2020 11:40:25Karen CookWard AddedGunton and St Margarets
17/08/2020 11:40:25Karen CookWard AddedHarbour and Normanston
17/08/2020 11:40:25Karen CookWard AddedKirkley and Pakefield
17/08/2020 11:40:25Karen CookWard AddedOulton Broad

Approval/Comments

No history found.