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. The Council is also awaiting the outcome of a further grant funding application (Land Release Fund) for £800k and will know whether it has been successful in February 2021) – this would give further confidence to developers in bidding for the site.
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.