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 type: Non-key - Low
Decision status: Recommendations Approved