An estimated £4.5m could be reinvested back into Towns Fund projects following the sale of the former TK Maxx site in Bridge Street and the Goods Shed at Fletton Quays.
The former TK Maxx site was purchased using money from the Government's Towns Fund. Money from the Towns Fund was also committed towards the Goods Shed. Both buildings were later found to be unsuitable for the needs of The Vine project (Towns Fund) within the financial spend available.
The buildings have now been sold and next Thursday (1 October), Peterborough City Council's Cabinet is due to decide how to reallocate the money – which must be spent on alternative Towns Fund projects.
The recommended Towns Fund projects which could benefit include those which are deliverable, strategically important and capable of generating strong public value. The extra funding would be used to mitigate inflationary pressures since the beginning of the project nearly six years ago. They include:
- Peterborough Station Quarter – City Link - £1,500,000
- Centre for Green Technology - £1,244,820
- Cygnet Bridge and Embankment - £1,000,000
- Central Library - £350,000
- Peterscourt - £250,000
Councillor Numan Ali Iqbal, cabinet member for growth and regeneration at Peterborough City Council, said: "A lot has happened in the six years since the start of the Towns Fund including the national and local economic picture.
"Due to this, some Towns Fund projects – most notably, The Vine project – have had to be delivered in a different way and it now makes sense to reallocate this funding towards other, more viable projects.
"I will be asking Cabinet to approve the recommendations to reallocate this money to Station Quarter/City Link, the Centre for Green Technology, Cygnet Bridge and Embankment and Central Library and Peterscourt.
"Together these schemes will help create a better-connected city centre, enhance important civic and community assets, support business growth, improve active travel routes and reinforce Peterborough's wider regeneration ambitions. This was always the original intention for the Towns Fund and the money is ring-fenced for this purpose."
The recommendation to Cabinet is to reallocate £4,344,820 towards these projects, leaving an estimated £150,180 unallocated within the regeneration funding pot as a contingency. This will provide flexibility to respond to cost pressures across the wider regeneration programme, including those emerging within the Peterborough Station Quarter programme.
You can read the Cabinet meeting report on the council's website.