9. How will the redevelopment be funded?
Public funding is required to ensure the viability of the site due to the abnormally high infrastructure costs.
The Council has already invested £1 million in the project to de risk the site together with a further £1.6 million of capital funding approved in April 2018 and the surplus income off the Port from the current tenancies on the site. A £2 million loan from Homes England has also been secured and the Council has also recently been successful in its grant funding bid through One Public Estate for Land Release Funding in the sum of £776K. This funding assists with the viability of this complex project and provides developers with more confidence when putting forward their proposals.
Private sector investment is required to carry out the redevelopment proposals (build the houses, commercial and public spaces), and hence the procurement of a developer partner who can bring this finance to the partnership.