Extra funding agreed

Extra funding of £200,000 a year has been dedicated to the Madeira Terrace restoration project. The additional funding was agreed by all three political parties in a joint amendment proposed on 27 February.

How we will spend the funding this year

In the first financial year 2020/2021 the funding will be split into two pots: 
•    £100,000 will be used to fund the development of a masterplan and enabling work for the Madeira Terrace, Black Rock and Gasworks sites, creating a joined-up plan for the seafront.
•    £100,000 will be used to fund design, feasibility and business case studies for exploring the commercial uses of the terrace, including estimating the likely income streams that could support management and maintenance and further restoration of the full structure in the future.

How we will spend the funding next year

In the year 2021/2022, the £200,000 dedicated to the Madeira Terraces project will go towards borrowing a further £4.3m for the project.
 

Full cost of restoration

In 2017, it was estimated that a full restoration of the terrace (all 151 arches) in ‘like for like’ construction would cost at least £24 million.

Since 2016, we have explored various funding sources including government, council, National Lottery Heritage Fund (NLHF) and  our hugely successful crowdfunding campaign.

£24 million

estimated minimum cost for like for like restoration

£2 million

set aside from council funding to deliver the first phase of restoration

£440,000

crowdfunding available towards restoration of three arches

£4.3 million

will be borrowed in 2021/2022

£6.74 million

total dedicated to the project

Since 2016, we have explored various funding sources including government, council, National Lottery Heritage Fund (NLHF) and our hugely successful crowdfunding campaign.

Council funding

The council has a limited budget to spend on a vast range of essential services, so we can’t afford to spend the full estimated cost of the project in one go. . We have dedicated £200,000 a year in addition to £2 million set aside for the restoration project and have allocated £550,000 of this to appoint the design team for the first phase of the project.

Possible extra funding through commercial investment

Up to an extra £6.7 million capital funding could be raised through making commercial investments in the city. We will invest £40m in commercial properties in the city – this will create an extra income stream which could be used to secure extra borrowing for the project. This is a longer-term possibility rather than a guarantee of funding now.

National Lottery Heritage Fund (NLHF)

The maximum grant we could receive from the NLHF is £5 million, which would make a huge difference. We made two bids to the National Lottery Heritage Fund in 2018, though both attempts were unsuccessful. The National Lottery said they simply don’t have enough money for all the projects that applied for funding. We submitted an expression of interest to NLHF in April 2019 for a smaller amount of money though the merits of making a further application are still under consideration due to the considerable time, resource and cost of producing a bid submission.

Government funding

A bid to the central government Department for Communities and Local Government for £4 million to kickstart the project was unsuccessful in 2016.

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