Issue - meetings

Future High Street Fund - Creative Workspace Project update and decisions

Meeting: 13/10/2022 - Cabinet (Item 854)

Future High Street Fund - Creative Workspace Project update and decision - Confidential Part

Minutes:

Cabinet was advised that this report linked to the earlier paper about the Future High Street Fund (under minute item 852). This part of the report was commercially sensitive and was therefore exempt from publication in order to safeguard commercial sensitive information. 

 

This report proposed taking on lease arrangements for a key high street asset, which had been long term vacant, and was unlikely to come forward within the coming years. This funding allowed the Council to not only provide the outputs as outlined within the Future High Street Fund application, but also to deliver further outputs due to the increase in space this asset provided.

 

The Council was also looking at the potential to purchase an asset in the town centre to ensure some legacy from this grant funding. 

 

Councillor Albon spoke under Council Procedure 20.1.

 

Councillor Pugh proposed, Councillor Saunders seconded and Cabinet agreed the following

 

1.  To authorise the Director of Regeneration, in consultation with the Interim Director of Property to complete negotiations regarding the names 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.