Manchester to borrow £227m for capital projects
Manchester City Council has revealed details of its capital programme for the next three years, detailing projects that are safe from the cutbacks announced earlier this week.
These include £19m for the relocated Cornerhouse and Library Theatre cultural centre at Ask Developments' First Street and £20.5m towards the public realm around the new Co-operative HQ on Miller Street.
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The council report, due to be discussed next Wednesday 16 February, proposes capital spend of £275.316m in 2011/12, plus forward commitments of up to £149.377m in 2012/13 and £49.9m in 2013/14.
The council recommends borrowing £227.547m to support this proposed budget, broken down as follows:
Housing programme: £28.363m
- £14.303m housing capital budget
- £10.060m as 50% match funding for government grant to build new homes in West Gorton. Loans will be funded by additional rental income generated by the additional dwellings created
- £4m to fund new neighbourhood regeneration bids within West Gorton and Collyhurst, plus funds from resources released elsewhere in the overall capital programme
Non-housing programme £199.184m
- £6.740m additional ICT investment over three years
- £1.5m Systems upgrade
- £6.204m highway planned maintenance over three years
- £26.447m asset management over three years
- £104.415m Town Hall Complex
- £14.5m St Peter's Square Public Realm
- £10m First Street Cultural Complex
- £1.567m Etrop Court
- £20.019m Building Schools for the Future Programme
- £634,000 Miles Platting Joint Services Centre Infrastructure
- £7.2m Primary School Rebuild Programme and smaller schemes
Detailed elsewhere in the report, the council proposes spending £6.842m over the next two years on the new National Football Museum at Urbis.
The current year's budget, ending in April 2011, is also detailed, including £15.9m on the acquisition of land at Spinningfields from Allied London to develop 580,000 sq ft of office and retail at 1 and 2 Hardman Square and 2 and 3 Hardman Boulevard.
The Sharp Project Digital Media Centre received £3.979m this year and is set to receive £450,000 in 2011/12.
This year the council spent £11.566m on the indoor BMX centre at Sportcity and has set aside a further £5.716m in the next two years.
There are also reserves set aside to spend on several key projects not yet in the capital budget but approved by the executive if suitable proposals emerge:
- Irwell River Park £2m, dependent on partner contributions
- Alexandra Park £2m, dependent on Heritage Lottery Fund grant application
- Royal Eye Hospital £2.75m, dependent on European Regional Development Fund bid for Co-operative HQ development releasing the necessary Manchester City Council resources