THE CITY council’s cabinet will receive an update on plans for the proposed Palmer Lane regeneration and will be asked to approve an extra £318,000 to deliver the project next week.
If approved, the total budget for the delivery of the scheme would increase to £2.4million.
The extra cash will be funded from corporate reserves.
Detailed construction designs for the project are now available after work conducted last year, meaning the project has been able to be more accurately priced by a contractor.
The report said the cash was needed to deliver the overall scheme due to high inflation over the last 12 months as well as increases in labour and material costs.
In March, Historic Coventry Trust agreed to increase its contribution to the project to £534,000.
This was a £155,000 increase from the previously approved Trust contribution of £379,000 and was accepted under delegated powers due to the ‘urgency required to accept the grant funding.’
The regeneration will look to develop the area of the city centre to uncover the River Sherbourne.
Plans will also see hard and soft landscaping around the area to make it easier for people to visit and enjoy the river.
Designs show steps coming down to the river level and art brightening up the surrounding area.
The scheme was first approved in March 2018, with work since then seeing final designs in place and legal land agreements finalised.
Palmer Lane is one of the oldest streets in the city and was mentioned as early as 1225.
It’s one of the few city centre locations to survive the 1940 Blitz.
