We are delighted to announce that the Margate Town Deal has been awarded up to £22.2m as part of the Chancellor’s Budget announcement on Wednesday 3 March. We have been provided with a Draft Heads of Terms on the basis of our Margate Town Investment Plan, which includes some conditions that will need responding to.
We will need to secure the agreement of the Council as accountable body and the Board to take up the offer, returning the sign Heads of Terms by the 24 March. We will therefore be discussing the Heads of Terms and the next steps at the Town Deal Board meeting on the 10 March.
This is a really exciting opportunity to drive long-term economic and productivity growth in Margate, particularly as we meet the challenges presented by Covid-19.
Graham Razey, Chair of the Margate Town Deal Board, said:
“Today is a day for real celebration in Margate, as the Chancellor’s announcement means that we can now begin the real work to help create the even more thriving town which this community deserves. I’m immensely proud to have been able to work with community partners and business stakeholders to deliver a Town Investment Plan that has resulted in this Government funding, and greatly look forward to seeing the projects get delivered in the coming months and years. Margate is a genuinely fantastic and amazing place, and this investment will help to translate that into a town that is able to keep growing and flourishing for the community’s future.”
The funding will help Margate prepare for the future with a focus on creating jobs, supporting town centres, boosting businesses and connecting people to where they live and work either through infrastructure or digital.
The Fund is a capital fund, which means it has to be used for tangible assets such as buildings or public space. Whilst the funding is being used to pay for buildings or developing assets, the Government wants to see the money being used to deliver outcomes such as more young people and adults having the skills they need to find work and / or more businesses starting up and staying in Margate.
The Fund is to support change in the town, but how it can be used is limited. It can only be used to support projects that connect with one of more of these three themes:
Urban regeneration, planning and land use: This theme is about how we can work together to make Margate a place where people want to live and work. Around this theme, the Fund is looking for projects that make places more attractive and more accessible to residents, businesses or visitors. It could also be projects that improve Margate’s arts, culture and heritage whether that’s museums and theatres or community spaces.
Skills and enterprise infrastructure: The Fund can also be used for projects that support people to develop new skills and businesses to grow. For example, how can we inspire and enable young people and adults to get the skills and training they need for employment and entrepreneurship? What spaces do businesses need to start up and develop? How can we make sure those spaces are high quality and affordable?
Connectivity: Money is available to support local transport, whether that’s a new cycle route, upgraded roads or a pedestrianised area. The fund is looking for projects that make it easier and greener for people and products to get around. There is also digital connectivity. For example, could better broadband help businesses and people across Margate to work remotely, flexibly and differently?
The Town Deal is an exciting opportunity to improve skills and transport links, create new jobs and regenerate Margate. The Fund will make a big difference, but it can’t be used for everything. The Government wants the investment to support the local economy to grow, benefitting local people and delivering a sustainable, greener future for the town.
The Town Fund will build on what makes Margate special and unique, and its impact should be felt by every member of the community. This is one of the reasons we want you to get involved and take part in community engagement events and activities – find out more in Have Your Say.