Newark and Sherwood could unlock £40m towards major regeneration and improvement projects through series of government schemes
Funding of up to £40m could be available in Newark and Sherwood towards major regeneration and improvement schemes.
Among the projects that could benefit from the funding is the Newark southern link road.
Members of Newark and Sherwood District Council’s economic development committee were told the money was available through a series of schemes.
Like the recent successful Towns Fund bid for £25m of government funding, the council will put forward projects for the money.
The council’s director of growth and regeneration Matt Lamb : “I genuinely believe this is a real opportunity for the district to show we can deliver and be successful.”
Up to £3m is available through the Community Renewal Fund, which mainly covers areas such as skills, education and employment.
The money could be spent in areas that support young people as well as retraining.
Mr Lamb said: “A number of priority areas have been identified, including Newark and Sherwood, Mansfield and Bassetlaw.
“By June 18, we have to submit for up £3m of projects for our areas, something we are looking to coordinate with the lead authority (Nottinghamshire County Council).
“We have started a live conversation between ourselves, the other districts and county, and are looking to pool our thinking and pre-understanding of how that will develop.”
The second pot is the Levelling Up Fund, for which the council can submit proposals of up to £20m each for the Newark and Sherwood constituencies.
Mr Lamb said: “That can be for projects, interventions and schemes of up to £20m.
“There is a round one that has (a deadline of June 18) and the round one is for shovel-ready projects that can spent in up to 2023 and exceptionally 2024.
“You are assessed on your merit relative to the business case and things like that. My suggestion is the southern link road would be included in round one.
“My suggestion on the Sherwood side would be to work through the governance and evidence base to maximise the bid.
“The county also has the ability to submit a proposal between £20m and £50m if it’s a transport project. There’s one in the west I think would be prime.”
Finally, there is the Community Ownership Fund, for which Mr Lamb said there was minimal detail available at present.
He said: “This is the issue of intervening where there are community assets as risk and the ability of the community to be able to purchase assets on a match-funded basis on a maximum of £250,000.”
Committee member Neil Mitchell said: “This is obviously very interesting and potentially very exciting and could complement the Newark Towns Fund.”