Decision details

UK Shared Prosperity Fund (UKSPF) have awarded £717k grant to fund regeneration of Radstock Town Centre and additional improvements for the Midsomer Norton Town Centre Renewal Programme. It will fund the following projects:
a. £350k capital contribution to the Midsomer Norton High Street Renewal programme, including the Town Hall improvement project;
b. £17k revenue funding to support Unit 14 in Midsomer Norton, a community space managed by the Midsomer Norton Community Trust set up for community use during the Town Hall improvement project;
c. £250,245k contribution to Radstock Trinity Church redevelopment; and
d. £100k revenue funding for a Radstock Cultural Programme (including £10k for Radstock museum).

The purpose of this decision is to accept the £717k UKSPF grant funding and approve budget increases due to the UKSPF grant, a £200k uplift in grant from WECA towards the creation of a multi-use market square in Midsomer Norton and a £137k allocation of community infrastructure levy for the Midsomer Norton High Street Renewal programme which includes £112k for the Town Hall Improvement Project.

To accept the £717,380 UKSPF grant and to further approve capital budget of £937,000 and revenue budget of £117,380.

The £937,000 capital budget comprises £250,245 grant payment for Radstock Town Council funded by UKSPF grant and £687k for Midsomer Norton Renewal Programme funded by £350k from UKSPF grant, £200k uplift from WECA Love Our High Streets programme and £137k from Community Infrastructure Levy.

The £117,380 revenue funding comprises £100,345 funding for Radstock Cultural Programme (including £10k for Radstock museum) and £17,045 revenue funding for Unit 14 Midsomer Norton.

Option 1 - The alternative option is to not accept the UKSPF grant or approve the additional capital and revenue budgets, however this would lead to funding shortfalls across the projects.