Councillors will be asked to move forward with plans for the next steps for Cambridge City Council’s Civic Quarter project at a meeting this week.
The council’s performance, assets and strategy overview and scrutiny committee will consider a report on the way ahead at a meeting on Tuesday, September 9.
The project, to improve Market Square, Guildhall and Corn Exchange, along with the public realm around them, is likely to cost more than £92 million and represents the most significant investment in the public realm in the city centre for 50 years.
A report to Tuesday’s meeting recommends two out of four possible options.
Officers recommend either committing £4.4m for technical work leading up to the submission of planning applications in Autumn, or committing the full £92m to fund the development.
Once councillors have made their decision, a report will go forward to cabinet on September 25.
Cllr Simon Smith, cabinet member for finance and resources, said: “The council is grateful to everyone who has taken the time to share their views on this wide-ranging project.
“From this feedback we are proposing to retain and restore the fountain, to have much smaller areas of cover on the Market Square to help tackle antisocial behaviour, and at the request of the traders increase the number of fixed stalls.
“As custodians of the Guildhall, Corn Exchange and Market Square we have two responsibilities. First, to make these heritage assets fully compliant and fossil fuel free, and second, to make them viable over the long term.
“Protecting the heritage is estimated to cost £60m and works to reduce the buildings’ operating costs and increase income would cost a further £32m. Business cases for the three sites make the case for full investment due to a combination of financial returns and wider public benefit.
“These benefits include making the Corn Exchange more welcoming, with accessibility for all, better acoustics, more space to socialise before and during events, and the ability to attract a wider range of artists to perform.
“It means securing the Guildhall as the seat of local democracy that is accessible to all and more inviting to residents with a café and events programme in the small and large halls.
“It means a more vibrant and accessible environment around the Market Square, directly benefiting traders and other local businesses by attracting residents and visitors to spend more time and creating a welcoming, year-round destination. And better public spaces where people can meet, eat and enjoy cultural events.
“If cabinet approves proceeding to the next stage, more work will be carried out over the next year including the submission of planning applications, work on the technical design and budget sum and detailed funding arrangements.”
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