Support 2-4 Market Place!
Public Meeting 23rd November 7.00 pm - Caistor Methodist Chapel
The Town Council have organised a Public Consultation to discuss the financial implications to the Council of facilitating the Public Works Loan Board loan agreed in March 2023 . On the basis of written confirmation from Caistor Town Council in March that the £750,000 loan would be facilitated, a significant number of funders have made a package worth an additional £2.4 Million available to all of us in Caistor to help regenerate the Market Place.
Why is this Important?
Caistor has a unique opportunity to receive massive inward investment of £3.2 Million
What will the cost be householders?
Although the Town Council will be taking out the loan, it will be the Caistor and District Community Trust paying back the loan from the income generated by 2-4 Market Place
What if the Trust doesn't have enough income?
Firstly, our business plan has been reviewed by The National Lottery, The Architectural Heritage Fund, West Lindsey District Council, Lincolnshire Heritage, Co-ops UK, and The Dept of Levelling Up and Communities amongst others. The Trust is confident we have a robust mixed stream of income to fully meet our committments. The Trust also expect to have access to income support grants for social start-up enterprises to smooth cash flow in its early months of operation
The Trust have made sure the Council have "First Charge" on the completed building - meaning if the very worst happened, the council could take ownership of the building and either generate income themselves, or sell it to cover the loan. The current estimated value of the completed building from independent surveyors is £750,00 0 - the same as the loan
The Trust Announced some months ago all funding was in place - Why is this consultation happening no
As mentioned, the Council confirmed in March facilitation of the funding. Since then, the Trust have been in constant correspondence with Caistor Town Council, have attended council meetings to provide information and have re-iterated the timelines we have to work to. Both the Council Chairman and the Council’s Town Clerk have assured us they will do everything necessary to complete the process. Until now however, they have not been able to meet our deadlines and there are processes Caistor Town Council want to complete which, until now, they have not been able to do.
These delays have already put the project at risk, but we have one last chance now to make sure the regeneration of Market Place can start. The support of everyone who wants to see 2-4 Market Place come back to life can come along to the meeting at 7.00pm on Thursday 23rd November at Caistor Methodist Chapel
What of the Council don't proceed with the loan?
Without the PWLB funding of £750,000, the other funders will withdraw their funding offers and the project will be cancelled
£3.2 Million Raised!
BUSINESS PLAN
The Story So Far
2-4 Market Place had been a local food store for many years, including Spa, Costcutter and most recently the Lincolnshire Co-operative Ltd. It is still known to many as ‘The Old Co-op’. However, this complex set of five interlinked listed buildings was over three floors with numerous corridors and staircases, which were not a good fit for a modern food store.
When the Lincolnshire Co-operative Ltd relocated, the property was put up for sale, but there were many challenges for any new owner to finding a viable future use for the buildings. As time went on and the buildings remained vacant, the concern for their future and the impact they were having on the town and the community grew.
In 2016, discussions with the community and key stakeholders began. With the help of Heritage Lincolnshire, a local charity that supports our county’s heritage, a series of public consultation events were delivered and with the community’s help a vision for the buildings, with a broad mixed use, began to be formed.
This is a major capital project requiring £3.2 million, which Caistor and District Community Trust was able to announce it had raised earlier in 2023. Although it was expected to commence works in the later half of 2023, this is now likely to be early 2024.
