Decision details

The purpose of this report was to set out the necessary steps to secure funding, allocated to Peterborough City Council through the 2021 Peterborough Town Deal, in relation to The Vine Town Deal project.

Cabinet considered the report and RESOLVED to:

1.    Approve the Town Deal Summary Document, as set out at Appendix 1 of the report, and its submission to the Department for Levelling Up, Housing and Communities (DLUHC) for approval in line with our agreed Towns Fund programme.

The objectives for the Vine project were:

·         To deliver a new and transformed Library service with a strong digital offer for Peterborough’s residents by providing services they value

·         To create a driver of visitor footfall that will be of wider benefit to retail and other businesses in Bridge Street and ensures this part of the city remains economically vibrant

·         To create new opportunities for formal and informal learning, leading to an increased take up of College, University course and work-based T levels by local residents and those living regionally

·         To become the recognised centre of community based cultural enterprise and activity, enhancing the civic and cultural life of the city

·         To develop a Civic Facility that will be well used by all sectors of the community including local businesses and the city’s new University

·         To deliver a self-sustaining operating model where commercial and intermediate uses cross-subsidise community and civic uses on peppercorn terms.

Alternative options had been considered. These included Do Nothing, Do Minimum: Phase Delivery and a further contingency plan of Delivery across two locations.

Do Nothing: This option was considered and rejected because the Council would lose £13.08m investment into Peterborough and the benefits expected to be delivered through the Vine would not be realised.

Do Minimum: Phased Delivery: This would entail delivery of the Ground Floor of The Vine only during Phase 1, alongside futureproofing of structural, utility and external façade components of the overall demise of 64-68 Bridge Street. Subsequent phases would be delivered to complete fitout and occupation of upper floors subject to additional funding availability in the medium to long term. This approach sought to provide some activation of uses at The Vine and prepared upper floors for future uses and aimed to provide a minimum level of enterprise and attraction at The Vine in the short term, whilst minimising disruption to ongoing operations at the Ground Floor when future phases of development came forward in the longer term. This option could be delivered within the budget envelope.

Delivery across two locations: Delivering the Vine and its associated outputs, outcomes and impacts over two separate sites –

·         64-68 Bridge Street (i.e. TK Maxx) – utilisation of Ground Floor plus minimum works to structural, utility and external façade components of the demise of the building to support Ground Floor occupation by events space, food and beverage/retail outlets and café/bar space.

·         Central Library – utilisation of the Central Library site to house a transformed and modern library in situ on the Ground Floor, with commercial space relating to co-working spaces, maker spaces, studios and education suite provision on the upper floor.

This option could be delivered within the budget envelope.

None.

Peterborough Town Investment Plan