Issue - meetings
Chard Regeneration Programme Finance Update
Meeting: 16/09/2021 - South Somerset District Council (Item 53)
53 Chard Regeneration Programme Finance Update 
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Decision:
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RESOLVED: |
That Full Council agreed to:- |
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a. |
an increase to the Council’s revenue budget for the additional financing and public realm costs as given in Table Three of this report;
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b. |
the use of an additional £2m of the capital receipts earmarked reserve to fund the Programme as proposed by the interim Section 151 Officer and described in paragraph 14;
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c. |
confirm that SSDC are keen to pursue Phase 2 but recognise that it is not feasible to enter into a Phase 2 programme of work at the current time, until significant external funding opportunities become available;
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d. |
the inclusion of the gross capital budgets, instead of only the net capital budgets, in the council’s over capital programme for the Regeneration Programme (including the Chard Regeneration Programme), as proposed by the interim S151 Officer in paragraph 20.
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Reason: |
To consider the financial performance of the overall Chard Regeneration Programme, with particular reference to the changes which have shaped the evolution of the programme. |
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(voting: unanimous in favour)
Minutes:
The Portfolio Holder for the Chard Regeneration Programme advised that the regeneration programme was paused and the Regeneration Board were looking for future partners and investors. The project was only paused and the new leisure centre was due to open soon.
The Portfolio Holder for Finance and Legal Services advised the increased costs would come from the revenue budget which was affordable. The use of capital receipts would change the overall level of borrowing for the project which was the recommendation of the Section 151 Officer.
During discussion, the following points were made:-
· Concern was expressed for the future of the Boden Mill which was a listed building immediately adjacent to the new leisure centre. The mill’s refurbishment was important otherwise it could fall into disrepair.
· The brownfields contamination fund grant application to help restore the Boden Mill had not been successful.
· Work was still on-going on the regeneration project.
At the conclusion of the debate, Members unanimously confirmed the recommendations of the report.
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RESOLVED: |
That Full Council agreed to:- |
|
|
|
a. |
an increase to the Council’s revenue budget for the additional financing and public realm costs as given in Table Three of this report;
|
|
|
b. |
the use of an additional £2m of the capital receipts earmarked reserve to fund the Programme as proposed by the interim Section 151 Officer and described in paragraph 14;
|
|
|
c. |
confirm that SSDC are keen to pursue Phase 2 but recognise that it is not feasible to enter into a Phase 2 programme of work at the current time, until significant external funding opportunities become available;
|
|
|
d. |
the inclusion of the gross capital budgets, instead of only the net capital budgets, in the council’s over capital programme for the Regeneration Programme (including the Chard Regeneration Programme), as proposed by the interim S151 Officer in paragraph 20.
|
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Reason: |
To consider the financial performance of the overall Chard Regeneration Programme, with particular reference to the changes which have shaped the evolution of the programme. |
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(voting: unanimous in favour)
