Towns Fund - Heads of Terms - NOV20/CMDN/42
Decision Maker: Leader of the Council and Deputy Mayor of the Cambridgeshire and Peterborough Combined Authority
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
The Cabinet Member:
1. Authorised the Chief Executive to approve and sign the Heads of Terms for Towns Fund projects in Peterborough following confirmation of support from the Ministry of Housing, Communities and Local Government for up to £22.9 million including approval of the:
- List of projects to receive funding and recommended assurance route for business cases
- Key conditions and requirements attaching to the offer of funding
2. Delegated to the Executive Director for Place & Economy and the Director of Law and Governance the authority to agree and finalise any related documents needed to execute the above recommendations and take forward the approach set out in this report.
Reasons for the decision:
The approval of the Heads of Terms is sought to enable the Council to develop business cases and project plans for Towns Fund projects and to access up to £22.9m in Government funding support.
Alternative options considered:
The Towns Fund guidance explains that the Heads of Terms represent an agreement in principle for funding support and will take the form of a Memorandum of Understanding (MOU), to be signed by the Chair of the Town Deal Board, the Lead Council and by Government Ministers. The relevant MOU would be attached to any funding that is allocated. If the terms are not properly followed there is a risk that the Council would be unable to access the available funding.
Interests and Nature of Interests Declared:
There are none.
Town Investment Plan
Publication date: 10/11/2020
Date of decision: 10/11/2020
Effective from: 14/11/2020