Issue - meetings

Purpose of the Report

(a)         To provide a detailed update in respect of proposals to restore and regenerate Central Market and City Square, as a key project within the Lincoln Town Deal Programme.

(b)         To present the full business case for the Central Market and City Square Project, including the proposed funding strategy and operational arrangements, and to endorse its submission for consideration under the Town Deal governance arrangements, for a final decision in respect of Town Funding.

(c)         To seek agreement to delegate final approval of the delivery and contracting arrangements for this project to the Section 151 Officer and the Director of Major Developments, which would be subject to securing Town Funding and a final scheme cost that could be financed and delivered viably.

Decision

(1)  That the update in respect of proposals to restore and regenerate Central Market and City Square, as a key project within the Lincoln Town Deal Programme be acknowledged.

(2)  That the submission of the full business case for the Central Market and City Square Project for consideration under the Town Deal governance arrangements, for a final decision in respect of Town Funding, be approved.

(3)  That the final approval of the delivery and contracting arrangements for this project be delegated to the Section 151 Officer and the Director of Major Developments, subject to securing Town Deal Funding and to a final scheme cost that can be financed and delivered viably.

(4)  That the proposals for the existing traders (as set out in paragraph 6.1 of the report and in the full business case) be approved and existing traders be notified of these proposals, which would be provisional upon securing the full funding package.

(5)  That the sum of £8.439 million be included as a capital estimate in the General Investment Programme, with associated funding, including new prudential borrowing up to a maximum of £1.732 million (subject to Town Deal Funding being awarded), being approved.

(6)  That the Director of Major Developments and the Chief Finance Officer be authorised to approve the final revenue estimates, which would be dependent on the final of the delivery and contracting arrangements, which would include the resourcing of any upfront staffing costs; and with any revenue shortfall against the Medium Term Financial Strategy being funded from the Vision 2025 earmarked reserve to a maximum of £0.183 million.

Alternative Options Considered and Rejected

A full options appraisal for the regeneration and operational proposals was included in the business case and was summarised throughout the report presented.

Reasons for the Decision

The reasons for the decision are set out at Minute 16 above.