Issue - meetings

(Cabinet Member with Special Responsibility Councillor Hanson)

Report of the Head of Regeneration and Policy

(Cabinet Member with Special Responsibility Councillor Hanson)

Cabinet received a report from the Head of Regeneration and Policy to update on this initiative and to propose how the Council might continue to support implementation including making available additional resources via a capital growth proposal in the forthcoming budget.

The options, options analysis, including risk assessment and officer preferred option, were set out in the report as follows:

In the context of previous decisions by Cabinet authorising the Lancaster Square Routes initiative the report set out options for continuing delivery of the programme of work required.

Option 1 -  As per the established project priority for Lancaster Square Routes to reserve the balance of funding likely remaining in the investment fund after Market Square phase 1 towards a second phase of work in Market Square and in addition, in preparing its General Capital Fund budget proposals for 2012/13,  Cabinet to consider recommending an additional £220k contribution to the Fund.

This option has the advantages of positioning the council to undertake a second phase of works to Market Square if it wishes to achieve the Square Routes design vision and also does not preclude the council securing further private contributions to Lancaster Square Routes and actually might assist this by adding further credibility as to delivery.

The main disadvantages are that the balance of funding likely to be remaining in the investment fund after completing a first phase of works to Market Square is of itself insufficient to fund a worthwhile second phase and insufficient to complete works to the Square. Also that this option does not position the council to be able to enhance the specification of highway works to Penny Street and Horseshoe Corner in a way consistent with the Square Routes design visions.

The option presents no real risks.

Option 2- After completing the first phase of works to Market Square, reserving the balance of council funding likely remaining in the Investment Fund for Lancaster Square Routes fund to enhance the specification of any highway works to Penny Street and Horseshoe Corner and, in preparing its General Capital Fund budget proposals for 2012/13, Cabinet considers including an additional contribution estimated at £300k to the fund in order to facilitate  a second phase of works to Market Square.

This option has the advantages of both positioning the council to undertake a second phase of works to Market Square to achieve the Square Routes and permitting  the council to take an opportunity to secure improvements to Penny Street and Horseshoe Corner consistent with the design visions for Lancaster Square Routes. Further, it both does not preclude the council securing further private contributions to Lancaster Square Routes and actually might assist this by adding further credibility as to delivery.

The only disadvantage is that reserving the balance of approved funding for Penny Street / Horseshoe Corner means that should Cabinet wish to recommend to council as part of the budget process that it should allocate additional funding to undertake a  ...  view the full minutes text for item 50