Decision details

To consider the report of the Cabinet Member for Communities, seeking to improve the appearance and ‘offer’ of the street, attached.

(i)  To award a grant of £138,000 to Grays Development Ltd for the refurbishment of agreed properties in Northam Road subject to;

1.  Satisfactory appraisal of a funding application

2.  Confirmation of the type and value(£) of proposed grant funded works

3.  Appointment of a suitably qualified Property Surveyor to scrutinise expenditure

4.  Confirmation of co-investment/match funding and the works programme

and on the basis that the grant funding or remainder thereof is time limited and will be withdrawn either:

1.  if the first claim for payment of grant monies is not received by the Council before 7 January 2013; or

2.  two years from the date of sealing of the Grant Funding Agreement.

(ii)  To delegate authority to the Director of Economic Development in consultation with the Head of Legal, HR and Democratic Services, to enter into a funding agreement with Grays Development Ltd and to do anything necessary to give effect to the allocation of the grant including payment of grant monies in arrears.

(iii)To add, in accordance with Financial Procedure Rules, a sum of £138,000 to the Leader’s Capital Programme, for a capital grant towards works at Old Northam Road.

(iv)To approve, in accordance with Financial Procedure Rules, capital expenditure of £138,000 in 2012/13 from the Leader’s Capital Programme to award a capital grant.

Grays Development Ltd (GDL) has accumulated a substantial property holding in Northam Road (Appendix 1) and has plans to create a specialised retail area. The recommended grant of £138,000 will ‘lever in’ approximately £1.38M of additional investment, and bring forward the refurbishment of a number of properties in a poor state of repair.

Following the abolition of SEEDA and the removal of clawback liabilities on SCC, the grant is no longer ring-fenced to meeting former SRB objectives and alternate end-uses for the funding are wide-ranging.  However, Northam Road continues to remain an eyesore and a re-invigorated partnership with the developer (GDL) offers the prospect of a tangible and deliverable solution.