Issue - meetings

(Commercial & Estates – Cllr T Matthews) To agree to create an Investment and Reservation Fund and to use this funding to progress the first tranche of Place Based initiative schemes (C-011-2024-25).

(1)        That the Cabinet approved the creation of an Investment and Regeneration Reserve of £1,020,000, ring-fencing the funding from the Fit for the Future Reserve, and;

(2)        That the Cabinet approved the use of this funding to progress feasibility, viability and achieve planning permission for the first tranche of Place Based initiative schemes initially at both Centric Parade, Loughton and Brooker Road, Waltham Abbey.

The Commercial & Estates Portfolio Holder, Councillor T Matthews, outlined that £1.2 million had been ringfenced from the Fit for the Future Reserve. This would enable the Council to create investment to deliver its first tranche of place-based initiatives promoting employment and work opportunities. The beginning of the journey was to progress feasibility, viability and achieve planning permission in Centric Parade Loughton and Brooker Road, Waltham Abbey. Viability would be assessed at every stage.

The Finance & Economic Development Portfolio Holder remarked it was a sensible and measured approach to take, and she supported these place-based initiatives.

Councillor R Brookes was interested in the regeneration of The Broadway and when this would commence. The Leader advised that an all-member briefing would be held on this, which members would be informed about when this had been organised.

Councillor S Murray agreed the Council must meet housing needs but remarked the existing businesses needed to be safeguarded and had the Council tried to let empty shop premises? The Portfolio Holder acknowledged it was important to protect the existing local businesses and although Centric Parade was at an early stage, the monies ensured the processes of the project would be worked through.

In reply to Councillor M Morris on Brooker Road, the Portfolio Holder replied that this site would follow the same process as the money was ring-fenced and viability would be assessed at every stage. The project nearby in Cartersfield Road was already going ahead and progressing very well.

The report set out the options considered, if any, and the reasons for the recommendation and the decision.

Decision:

(1)        That the Cabinet approved the creation of an Investment and Regeneration Reserve of £1,020,000, ring-fencing the funding from the Fit for the Future Reserve, and;

(2)        That the Cabinet approved the use of this funding to progress feasibility, viability and achieve planning permission for the first tranche of Place Based initiative schemes initially at both Centric Parade, Loughton and Brooker Road, Waltham Abbey.