Funding - August 2020
We continue to support the budget commitments made to Madeira Terrace demonstrating how important this heritage asset is to the city.
set aside from council funding to deliver the first phase of restoration
crowdfunding available towards restoration of three arches
will be borrowed in 2021/2022
total dedicated to the project
On top of the £2.44M first made available for the project in 2018, a further £200,000 a year has been dedicated to the Madeira Terrace restoration project since February 2020.
The additional funding was agreed by all three political parties in a joint amendment proposed on 27 February.
How we will spend the extra funding this year
In the first financial year 2020/2021 the additional funding will be split into two pots:
- £100,000 will be used to fund the development of a masterplan and enabling work for the Madeira Terrace, Black Rock and Gasworks sites, creating a joined-up plan for the seafront.
- £100,000 will be used to fund exploration of the business model, plan and case studies for uses of the terrace. This work will consider possible funding options available to complete full restoration of the Terrace.
How we will spend the funding next year
In the year 2021/2022, the £200,000 dedicated to the Madeira Terraces project will go towards borrowing a further £4.3m to deliver the first phase of restoration.
Full cost of restoration
In 2017, it was estimated that a full restoration of the terrace (all 151 arches) in ‘like for like’ construction would cost at least £24 million.
Since 2016, we have explored various funding sources including government, council, National Lottery Heritage Fund (NLHF) and our hugely successful crowdfunding campaign.
The council has a limited budget to spend on a vast range of essential services, so we can’t afford to spend the full estimated cost of the project in one go.
We have dedicated £200,000 a year in addition to £2.44 million set aside for the restoration project.
Following procurement of the Design Team completed in May 2020 £650,000 of the available funds were allocated to the work of the Design Team.
In the year 2021/2022, the £200,000 per year dedicated to the Madeira Terraces project will go towards borrowing a further £4.3m to deliver the first phase of restoration.
National Lottery Heritage Fund (NLHF)
The maximum grant we could receive from the NLHF is £5 million, which would make a huge difference.
We made two bids to the National Lottery Heritage Fund in 2018, though both attempts were unsuccessful.
The National Lottery said they simply don’t have enough money for all the projects that applied for funding.
The National Lottery is closed to any new applications until 2021. The merits of making a further application will be considered later in the year due to the considerable time, resource and cost of producing a bid submission.
A bid to the central government Department for Communities and Local Government for £4 million to kickstart the project was unsuccessful in 2016.