Rotherham adjusts regen partnership

Rotherham Metropolitan Borough Council is to amend its agreement with its development partner to deliver an existing regeneration scheme.

The authority is to enter into further agreements with Muse Developments to continue the redevelopment of Forge Island.

Under the plans, the council is looking to establish a new anchor leisure development at the site, as part of its wider town centre regeneration masterplan.

Originally signed between Rotherham and Muse in 2018, the agreement is being adjusted due to unforeseen market conditions, particularly shifts in the gilt market, which significantly reduced the funding available to Muse for the project.

“Against this backdrop, the Council intends to enter into a funding agreement with Muse to fund and retain the project and will take market standard security relating to this funding, including an obligation on Muse to develop in accordance with an agreed specification,” said the council.