Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
The aim of the Future High Street Fund was to renew and reshape high streets with the inclusion of other uses to drive increases in footfall. Through a lengthy application process Thanet District Council was awarded funding from the Fund to deliver a creative workspace scheme. Unfortunately, due to changing circumstances, the building originally identified to deliver the workspace project in, has been leased to a private business.
The report proposed a revised scheme for the Future High Street Fund programme in Ramsgate, its requirements for delivery and a proposal to safeguard the funding in Thanet, that can be delivered within the required timescales.
The economic case for the project has been updated in line with the new proposal, and demonstrates that the economic benefits of the scheme are in line with the original submission.
Cabinet agreed the following:
1. To authorise the Director of Regeneration, in consultation with the Interim Director of Property to complete negotiations regarding the identified site in the High Street, Ramsgate and enter into a sub-lease until March 2027.
2. To authorise the Director of Regeneration, in consultation with the Interim Director of Property to engage with owners of an identified site in the High Street, to purchase the property, negotiating the best deal for the asset. Commissioning the relevant surveys, valuation and technical studies as required.
3. To authorise the Director of Regeneration to develop and commission an appropriate operating model for the project, engaging external legal advice as required.
4. To authorise the Director of Regeneration, in consultation with the Economic Development Portfolio Holder, to finalise the cash-flow with the identified model for delivery working with the S151 officer to ensure the Council is not put at financial risk from the Future High Street Fund project.
5. To note that Officers have submitted a Project Adjustment Form and the revised Economic Case to the Department for Levelling Up, Housing and Communities for approval, for the Ramsgate Future High Street Fund Project.
To provide approval to deliver the revised Future High Street Fund creative workspace project.
Report author: Louise Askew
Publication date: 17/10/2022
Date of decision: 13/10/2022
Decided at meeting: 13/10/2022 - Cabinet
Effective from: 25/10/2022