The Corporate Director Communities reported on an update to securing funding through the Tourism Attractor Destination Programme to take forward a project on Cosy Corner, Porthcawl, and to accept an offer of funding and enter into required agreements.

She reported that following the intention of Credu Charity Limited to appoint administrators and the withdrawal of funding for the Maritime Centre project, funded through the Visit Wales Tourism Attractor Destination Programme (TAD), the Council terminated the agreement for the lease relating to the Maritime Centre at the Cosy Corner site.  She stated that Officers had undertaken an outline appraisal of the short to medium term options available to the Council to seek to access possible funds through the TAD programme for Cosy Corner.  Should the funding become available and dependent on resources it was proposed to enhance improvements for community organisations; the local economy and tourism offer; marina users and for the wider community.

The Corporate Director Communities reported that following authorisation by Cabinet in December 2020 to submit a bid for improvements to Cosy Corner through the TAD programme, the Welsh European Funding Office (WEFO) had completed an assessment of six of the nine criteria.  WEFO had also requested further information for the remaining assessment stages and confirmation of matching funding and state aid cover.  Cabinet at its meeting in March 2021, authorised proceeding with the development at risk and to utilise match funding of £384,615 in order to secure a potential grant of £1m.  Architects had been appointed following a procurement exercise in order to progress the project. 

The Corporate Director Communities reported that a £500k earmarked reserve was established for the project, increasing the capital project budget to £1,884,615, with a further £230k added from the Strategic Regeneration Fund for price fluctuations.  Confirmation had now been received of an offer of £1m funding from WEFO and the Welsh Government, with the remaining funding of £1,114,615 funded by the Council’s resources.  She stated that the project must be completed by December 2022 and authorisation was sought to accept the offer of funding and to enter into required agreements to progress the project.

The Cabinet Member Education and Regeneration in commending the proposals for Cosy Corner stated that whilst the project is separate to the Salt Lake development, it would integrate with it.  He stated that the vision for Cosy Corner will be useful as a tourism destination, improvements to the street scene will fit in with the area which is iconic.  The Cabinet Member Communities thanked the Regeneration Team for the work it had undertaken to date on the project to date and he looked forward to its completion.  The Leader also welcomed the project, which was operating against tight timescales and looked forward to it coming to fruition.

RESOLVED:           That Cabinet delegated authority to the Corporate Director Communities, in consultation with the Chief Officer – Legal and Regulatory Services, HR & Corporate Policy and the Interim Chief Officer, Finance, Performance and Change to accept the offer of funding to deliver the Cosy Corner project as part of the Visit Wales Tourism Attractor Destination Programme.