To consider a report from the Director of Place.
Cabinet received a report* which informed Members of the outcome of Mid Devon’s application to the second round of the Levelling Up Fund (LUF2) to support delivery of the Cullompton Town Centre Relief Road (CTCRR).
The following was discussed:
· The cost of submitting bids, to which the Director of Place explained that funds were drawn against the Housing Infrastructure Fund (HIF) fund, which therefore meant there was no direct cost for Mid Devon District Council.
· The life span of the s106 monies, to which the Director of Place explained that these funds had a long lifespan and could be used for other transport intervention projects if needed.
· Concern over the HIF deadline, to which the Director of Place explained that an announcement was due in spring 2023 and that bids would be submitted towards the end of 2023.
· It was suggested that a 50 year loan be used, to which the Deputy Chief Executive advised that would put Mid Devon District Council under additional cost pressure and was not recommended. In addition the Deputy Chief Executive noted that the cost of the project had doubled since 2019.
· A road north of Cullompton would be beneficial.
· That lobbying Government was important.
1. That Cabinet consider the contents of this report and instructs Officers to:
i. Continue to investigate and negotiate additional funding opportunities to support timely delivery of the Cullompton Town Centre Relief Road
ii. If an additional funding mechanism to support timely delivery of the relief road project (working with the existing HIF grant) can be negotiated and agreed in detail, to bring this back to Cabinet as soon as possible for consideration and decision, as appropriate.
2. That delegated authority be given to the Director of Place to develop and submit a bid to the third round of the Levelling Up Fund in respect of the gap funding required to enable or support delivery of the Cullompton Town Centre Relief Road, should the scheme still qualify for a District Council submission and should the LUF3 fund be confirmed.
(Proposed by Cllr G Barnell and seconded by Cllr Mrs N Woollatt)
Reason for Decision: As stated in the report
Note: *report previously circulated and attached to the minutes