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Issue - meetings
Priory Meadow - Supplementary Capital Budget
Meeting: 17/07/2017 - Cabinet (Item 15)
15 Priory Meadow - Supplementary Capital Budget PDF 106 KB
(Cabinet Decision)
Minutes:
The Assistant Director, Financial Services and Revenues, presented a report which sought agreement to fund the council’s share of enhancement work at Priory Meadow shopping centre in Hastings.
The council has a 10% stake in Priory Meadow. A range of works are planned over the next 3 years, which will help to ensure the shopping centre remains attractive for retail and investment, which in turn provides employment opportunities. The council also benefits directly if the additional investment results in income growth.
The recommendations of the Assistant Director, Financial Services and Revenues, report were agreed without being called for discussion.
RESOLVED that:
1. A sum of £250,000 (representing the council’s 10% share) be allocated towards a programme of work to be undertaken at Priory Meadow shopping centre
The reason for this decision was:
Works, estimated at some £2.5 million in total are to be undertaken at Priory Meadow shopping centre on a couple of units, new car park machines and signage and potentially a new small development. The council has a 10% stake in Priory Meadow shopping centre, and if this is to be preserved is required to provide a matched contribution.
The council needs to ensure that the town remains attractive for the future to ensure businesses are attracted to, and remain in, Hastings – particularly so as the council will need to ensure business rate growth in the future. The continued updating of the centre is welcome for Hastings and the council in particular. The centre provides a significant income stream for the council and these additional works will look to preserve and enhance the income stream in future years.
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