Decision details

(1)  To delegate approval to the Director of Sustainable Communities, in consultation with the S151 Officer, to accept the uplift of £856k Investment Fund grant from the Mayoral Combined Authority. These funds will be spent in line with the grant agreement.

(2)  To fully approve capital budget of £856k funded from MCA Investment Fund grant for delivery of the Market Square scheme and delivery of an interchange and improvement at the main High Street bus stop (at the Hollies).

The Midsomer Norton High Street Regeneration scheme is currently delivering the new Market Square at The Island, a 1,000sqm public realm improvement that will deliver a flexible civic space for the town. With the aim of supporting the functioning of the restored Town Hall and local businesses by creating an events space and driving footfall to the area.

The first element of funding (£607k approved at MCA Joint Committee 26th January 2024) relates to cost uplift for scheme delivery and would then align project budget with forecast costs and contractor tenders.

The second element of funding (£249k approved at MCA Joint Committee 26th January 2024) relates to the delivery of a bus interchange on the High Street. Which will widen the pavement along a 40m stretch of the High Street, install 2 new bus shelters provided with  real-time  information  displays  and  associated  electrical infrastructure, increase length of bus cage to facilitate increased bus routes, resurface and install accessibility kerbs.

There is an option to not accept the additional capital grant funding from the MCA however the Market Square project is currently on site, and it is unlikely to attract alternative external funding sources at this stage. Not accepting the grant would leave the project £607k short of funding to deliver the programme of works. To not accept the £249k Hollies bus stop funding would result in a delay in delivering the improvement works to the town centre bus interchange. This would result in a prolonged use of a temporary bus stop on Silver Street, which does not provide as well for bus users and would increase delivery costs for this scheme.