Purpose

The report will notify the
Executive Mayor of the funding available via the 2025/26 Uk Shared
Prosperity Programme.
 
Approval will be sought for the
projects associated with funding. These projects will align with
the criteria and timeline of the funding and the Executive Mayors
Business Plan.
 

Content

For the reasons detailed in the
report and appendices, the Executive Mayor AGREED
to:
 
2.1Note the UK
Shared Prosperity Fund (UKSPF) Allocations.
 
2.2Note and
authorise the list of potential projects as outlined in Appendix 2
to be funded from the Council’s allocation of
UKSPF.
 
2.3Delegate
authority to the Corporate Director of Sustainable Communities,
Regeneration & Economic Recovery to enter into any relevant
funding agreement with the GLA, in consultation with the Director
of Legal Services and Section 151 Officer.
 
2.4Authorise use
of the UKSPF 4% administration allocation to support the productive
delivery and administration of the fund.
 
2.5Note the
implementation of projects will be subject to the Council’s
assurance framework, including the Capital Board and approved by
the Corporate Director for Sustainable Communities, Regeneration
and Economic Recovery in consultation with the Executive Mayor,
S151 Officer and the Corporate Management Team.
 

Reasons for the decision

The recommendations of this
report have been made in line with the criteria and timelines of
the UK Shared Prosperity Funding.
 
Projects related to the funding
have been chosen as they align with the Croydon Growth Plan and the
London Growth Plan.
 

Alternative options considered

Alternative options to
submitting a funding proposal were considered, these
included:
 
-      
Not submitting an investment
proposal
This was rejected as Croydon
would not receive any UKSPF funding and so would not realise any
opportunity for proactive regeneration and investment for the
borough.
 
-      
Alternative Projects
Alternative projects were
considered; however, the chosen projects were identified due to the
limited funding available, the importance of timing, deliverability
and impact on the borough. Consultation with partners supported the
priorities of the successful projects and the chosen projects have
received approval from the Executive Mayor.