Successful bid results in £6 million for Valley Gardens Phase 3
Our plans for Old Steine to Palace Pier area
We submitted a business case to the LEP in December 2018 following approval by the Environment, Transport and Sustainability (ETS) committee. The business case set out the significant economic benefits to be gained from the proposed redesign of the Old Steine to Palace Pier area resulting from:
• reductions in the number of collisions and casualties
• an increase in public space
• walking and cycling benefits
• increased land values
The estimated cost of the project is £7.84 million. The majority will be funded by the LEP’s £6 million allocation. The £6 million we have been awarded by the LEP will come from the Local Growth Fund. This is money from central government awarded to Local Enterprise Partnerships for projects that benefit the local area and economy and that cannot be spent on any other projects or services.
The LEP requires us to contribute funding for the project of at least 15% of the project cost. This means that we will contribute £1.84 million from our Local Transport Plan budget, local contributions and potentially private sector development contributions.
Working to deliver Phase 3
We will sign a formal funding agreement with the LEP, with the aim of delivering the Phase 3 scheme in 2020. In accordance with the terms of the agreement, the £6 million funding from the LEP must be drawn down completely by March 2021.
Councillor Gill Mitchell, chair of the Environment, Transport and Sustainability Committee said: “We are very pleased to have been successful in our bid for funding for the Valley Gardens Phase 3 scheme. Securing funding from the Local Enterprise Partnership marks a critical point in the project’s programme. Approval at committee on 7 February will allow officers to proceed to the detailed design stage and work towards delivering the scheme by 2021, in accordance with the funding agreement.”
Jonathan Sharrock, Chief Executive at Coast to Capital said: “The Coast to Capital Board were delighted to discuss the Brighton Valley Gardens Phase 3 project at its meeting on Tuesday 22 January, and to confirm Local Growth Funding of £6million. We are committed to supporting a successful scheme with long term benefit to the city, and will discuss the terms of our grant with the Council.”