Decision details

1.      That in order to continue to deliver Wolverhampton’s ambitious and transformational regeneration agenda:

i.        The continuation of progressing the City Centre West development scheme, £382,000 budget, funded from the Sustainable Medium Term Financial Strategy (MTFS) reserve for the project to March 2025 be approved.

ii.       The continuation of progressing the St Georges development scheme, subject to a satisfactory business case, £821,000 budget, funded from the Sustainable MTFS reserve for the project to March 2025 be approved.

iii.     The continuation of progressing the Green Innovation Corridor programme, £250,000 budget, grant funding from the Government’s Investment Zone Delivery Capacity Funding to support the progression of the project to March 2025 be approved.

iv.     The continuation of progressing the Bilston Town Centre Long Term Plan project, £250,000 budget, grant funding from the Government’s Bilston Capacity Funding to support the progression of the project to March 2025 be approved.

v.      The delivery of the Wolverhampton: Our Future City Plan, £381,000 budget, funded from the Regeneration Reserve be approved.

vi.     Authority be delegated to the Cabinet Member for Resources in consultation with the Director of City Development to approve the direct award of contract for £714,000 to Arcadis for support for the City Development Programme when the evaluation process is complete.

2.      That it be noted that the Council would seek to secureadditional grant funding during 2024-2025 to mitigate the use of reserves to support the ongoing delivery of these transformational projects for Wolverhampton. These would be progressed through an Individual Executive Decision Notice (IEDN) supplementary budget approvals in line with financial procedure rules, as appropriate.

3.      That it be noted that the Council would seek to utilise earmarked Enterprise Zone funding in 2025-2026 (circa £5 million for priority projects) to fully offset any use of the Sustainable Medium Term Financial Strategy (MTFS) reserve in 2024-2025. In doing so, replenishing reserves utilised in 2024-2025 as first call from the circa £5 million revenue income from the Enterprise Zone in 2025-2026.