Blackpool to sign off £16m Multiversity gap funding
Having secured £40m from the Levelling Up Fund earlier this year, the council intends to borrow the remainder required to deliver the 190,000 sq ft education facility.
Blackpool Council’s executive will be asked to sign off £16m of prudential borrowing next week. The loan will be repaid back by Blackpool and Fylde College.
The loan is the final piece of the funding puzzle to deliver the £65m Multiversity project.
So far, Blackpool has been awarded £49m of state funding; £40m from the Levelling Up Fund and £9m from the Town Deal for the acquisition of three acres close to Blackpool North train station, where the scheme will be located.
“There is currently £16m of gap funding after all the grant monies are taken into account,” a report to the executive states.
“This will be funded/repaid by the college and a range of models are being explored with the college including, loan, lease and forward funding.”
The Multiversity project, designed by Hawkins\Brown and supported by Lancaster University, is intended to boost skills growth in Lancashire through the provision of a technical and professional curriculum.
Once complete, the Multiversity would accommodate up to 3,600 students and will see the relocation of Blackpool and Fylde College’s Park Road campus into the town centre.