Over £2,300,000 of developer contributions are to be allocated to a number of projects designed to help the city grow and flourish.
A number of delegated decisions have been signed off this week following a meeting of the Council’s Capital Investment Board – which meets every month to allocate capital funding or authorise more detailed work to various projects.
As a result the Council will formally allocate £2,345,000 from its Community Infrastructure Levy to projects which are making a difference to the lives of people in the city.
The CIL is a fund made up of contributions developers have made to counter the effect of development. This financial contribution is then distributed according to an agreed list which can range from transport and leisure facilities to open spaces.
- £850,000 to support improvements to public spaces around the city centre including supporting businesses through a shop front improvement scheme and redesigning outside public areas around the new-look Bretonside leisure complex.
- £300,000 to the new-look Central Library which opened last month and £245,000 allocated to the European Marine Site (which is the Plymouth Sound and its estuaries) to create an action plan detailing key projects needed to protect the site within the context of a growing city.
- £950,000 contribution to support the ongoing regeneration of North Prospect. The contribution is to bridge a financial gap which is threatening PCH’s ability to deliver this massive transformation. It will help pay for work associated with Phase 5 of the redevelopment programme and could entail providing or improving open spaces and play areas, traffic calming and parking facilities, installing main sewers to treatment plants as well as flood prevention measures.
The Council is to also buy property in the city centre as an investment opportunity. The Council is currently the freeholder of the property and the acquisition will lead to a good rental income. The sale negotiations are currently underway so the Council is not in a position to say which property it is considering.
The board has also supported a plan for a new national standard all-weather hockey pitch at the College of St Mark and St John. The Council has indicated it is prepared to support the college’s bid for funding and is likely to make a contribution once it has considered a more detailed business case