Purpose

To
review outcomes and consider approval of above threshold
expenditure from funds.

Content

It was
RESOLVED: -
 
1.1         
That Cabinet reviewed and noted the summary of
Round 1 proposals coming forward, outputs and evaluation
outcomes.
 
1.2         
That Cabinet approved an upper funding limit of
£615,000 towards the John Peel Centre for Creative Arts for
the programme phases supported by the town stakeholder panel and
district project office, as shown in Appendix A (Confidential) of
the report.
 
1.3         
That Cabinet approved an upper funding limit of
£125,000 towards the Community and Youth Darts project
supported by the town stakeholder panel and district project
office, as shown in Appendix B (Confidential).
 
1.4         
That Cabinet approved the funding packages at 1.2
and 1.3, and delegated authority to the Director of Place to
finalise the terms and conditions of grant funding agreement with
the beneficiary, and subject to any suitable controls, monitoring
and legal advice to ensure key objectives and purposes of the grant
scheme are secured.
 
 
REASON FOR
DECISION
 
To
maximise the opportunities available to the Council to directly
invest in Stowmarket high street and town centre area, utilising
Gateway 14 dividend, to address unit vacancy rates, to stimulate
investment and new activity / additionality at key high street and
town centre locations.
 
To
develop and promote a range of potential business, cultural and
heritage, tourism, accommodation and other end-uses - which help to
address economic and social challenges within the town and as
complimentary to other plans underway and in pipeline development
for Stowmarket.
 
Alternative
Options Considered and Rejected:
 
Do
Nothing. Not recommended. The Council’s £1.5m high
street and town centre fund (STCGF) investment package for
Stowmarket’s high street and town centre required transparent
reporting of outcomes to date. Any high impact/above threshold
expenditure items needed to be formally considered and approved, if
appropriate, by Cabinet as a key strategic decision.
 
Any Declarations of Interests Declared: Councillor Stringer declared an interest as Director for the
John Peel Centre.
Any Dispensation Granted: None.