Issue - meetings
Shared Prosperity Fund and Investment Plan Submission
Meeting: 26/07/2022 - Cabinet (Item 5)
5 Shared Prosperity Fund Investment Plan Submission 
PDF 313 KB
Additional documents:
Minutes:
Background:
This report sought Cabinet approval of the Investment Plan proposed for submission to Government’s UK Shared Prosperity Fund (SPF), which was summarised at Appendix 1 to the report.Investment Plans, which would be required to be refreshed annually, needed to be submitted by 1 August 2022. Once approved, first payments were expected to be paid from October 2022.
The SPF interventions and Investment Plan would strongly align with the recently refreshed Medway 2037 set of documentation which formed Medway’s core economic and regeneration strategy and there was a strong emphasis on working closely with partners and an extensive list of partners was detailed in the report.
|
Decision number:
|
Decision:
|
|
92/2022 |
The Cabinet approved the proposed Investment Plan for submission to the Department for Levelling Up Housing and Communities (DLUHC) as set out in the summary at Appendix 1 to the report.
|
|
93/2022
|
The Cabinet agreed to delegate authority to the Director of Place and Deputy Chief Executive, in consultation with the Portfolio Holder for Strategic Regeneration, Inward Investment and Partnerships to finalise and approved the Investment Plan for submission to DLUHC by the 1 August 2022 deadline.
|
|
94/2022 |
The Cabinet agreed to delegate authority to the Director of Place and Deputy Chief Executive, in consultation with the Portfolio Holder for Strategic Regeneration, Inward Investment and Partnerships to deliver the projects, in line with the successful bid submission.
|
Reasons:
Approval of the submission is in support of Medway’s regeneration priorities and will enable Medway to access Medway’s SPF allocation, and to accept the funds for successful interventions.