The Margate Town Deal Funding of up to £22.2m will be at least 90% capital funding and the Council is required to approve an additional scheme within the Capital Programme, for the externally funded capital grant. As the Accountable Body, Thanet District Council will receive the funding to be allocated against pre-agreed projects, in order for them to be delivered.
It is a Constitutional requirement that these funds are added into the Capital Programme in order to be able to spend the funds. Cabinet were asked to approve the addition within the Capital Programme, so that when the grant funding is received from the Ministry of Housing, Communities and Local Government (MHCLG) it can be added, and project delivery can start.
Decision Maker: Cabinet
Made at meeting: 31/08/2021 - Cabinet
Decision published: 07/09/2021
Effective from: 15/09/2021
Decision:
Cabinet approved the addition of a new scheme into the Capital Programme from external funding (Towns Fund), but recognise the potential need to transfer an element of this funding to Revenue, subject to final approval. The value of the scheme will be no more than the total £22,200,000, this being the maximum award from the Ministry of Housing, Communities and Local Government, for delivery of the pre-agreed projects within the Margate Town Deal.