The Newark Towns Fund Programme could receive a significant boost following a recommendation by Newark & Sherwood District Council’s Cabinet to reallocate £2.2 million of grant funding towards the Newark Cultural Heart project.
The move comes as part of a Project Adjustment Request that will be submitted to the Government, redistributing funds originally allocated to the Newark Gateway (SiSCLog) project.
Redistribution of Funds to Enhance Newark’s Cultural Heart
The Cabinet wants to approve the transfer of £2,203,737 to the Newark Cultural Heart project, a scheme aimed at transforming Newark Market Place into a vibrant community hub. This reallocation includes £2,110,000 from the Towns Fund Capital grant and £93,737 from the Towns Fund Revenue grant.
The Newark Town Board, which is expected to formally approve the reallocation at its 24 September 2024 meeting, had initially earmarked these funds for the Newark Gateway project. However, delays in finding a viable solution for the Newark Lorry Park relocation have led to the Gateway project being paused. Consequently, the decision was made to repurpose the remaining funds to ensure the timely progression of other priority projects.
Addressing the Community’s Vision for the Market Place
The Newark Cultural Heart project, which forms part of the broader Towns Fund initiative, originally received a £1.5 million allocation. However, over the past year, it has become apparent that this amount would be insufficient to achieve the level of transformation envisaged. A larger budget, approaching £4 million, is necessary to make substantial infrastructure improvements, including enhanced power supplies, seating, and lighting, as well as creating a versatile space for markets, events, al fresco dining, and public relaxation.
The community’s desire for the regeneration of Newark Market Place was emphasised during the recent Newark Masterplan consultation, where the Market Place was highlighted as a key priority. With the additional £2.2 million in funding, the Council aims to create a space that will leave a “visible and impactful” legacy for the town.
The Newark Towns Fund is a £25 million initiative granted by the Government, aimed at revitalising the town through a range of projects. Approved in May 2021, the fund supports ten priority schemes designed to enhance Newark’s economic and cultural landscape. Completed projects to date include the Air & Space Institute, Construction College Centre of Excellence, YMCA Community Activity Village, and the Cycle Town project.
Several other projects are still in progress, including the regeneration of 32 Stodman Street, the Castle Gatehouse (now backed by National Heritage Lottery funding), and the Newark Heart project. The latter has already launched its event programme and is currently in the process of developing its full business case. Meanwhile, the Newark Gateway project remains paused until a feasible solution for the lorry park and site redevelopment is found.
Financial Impact and Forward Planning
The reallocation of funds to the Cultural Heart project is part of a broader reshuffling of the Towns Fund budget. Originally, the Newark Gateway scheme had been assigned £4.294 million. However, previous reallocations have directed portions of this sum to projects such as the Castle Gatehouse and Stodman Street regeneration. With this latest reallocation, the remaining £2.2 million will now be utilised to drive forward the Market Place transformation.
The total capital allocation for the Newark Cultural Heart project will now rise to £3.61 million, ensuring that the Council can carry out the planned improvements without further financial implications. The next step will involve submitting a formal Project Adjustment Request to the Government for approval, after which the Council will return to Cabinet in late 2024 with a Full Business Case.
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