Decision Details

Implemented

Lowestoft Investment Plan

ES/0469

Yes

Committee

Cabinet

Tue 1 Sep 2020

Yes

Report of the Deputy Leader and Cabinet Member with responsibility for Economic Development

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

Economic Development & Regeneration

Not Applicable

Paul Wood

None 

No

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.

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. 

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.

None 

None