Decision details

Update on development project, confirmation of proposed timetable for accessing agreed CIL and prudential borrowing, agreement for additional prudential borrowing proposal, approval to submit round 2 funding application to National Lottery Heritage Fund.

RECOMMENDED that Council: -

(a)           approves the submission of a Round 2 funding application to NLHF for £2,240k for the Our Museum: Poole Museum Redevelopment Project (total project value £4,242k);

(b)           approves the use of up to £1,023k new prudential borrowing in support of the Round 2 funding application. This will reduce to £278k new prudential borrowing should the Round 2 funding application be unsuccessful;

RESOLVED that Cabinet: -

(c)           approves the repurposing of £200k CIL allocated to Our Poole Museum Redevelopment Project to Scaplen’s Court development, in the event of an unsuccessful Round 2 funding application; and

(d)           notes the resulting unfunded revenue pressure of up to £17k in 2022/23 and £70k in 2023/24 from income forgone during construction phase.

Voting: Unanimous

Portfolio Holder: Tourism, Leisure and Culture

Reason

To facilitate funding of the Our Museum: Poole Museum Redevelopment Project and enable it to deliver on the Council’s Big Plan aim to rejuvenate Poole and strategic aims for Culture.