Lincoln Town Centre Fund

Purpose of the Fund

• To provide financial assistance to businesses adversely affected by the Lincoln Town Centre redevelopment works.
• The Fund recognises the particular and exceptional circumstances arising from the extended construction period and associated disruption to business activity in the Lincoln Town Centre.
• It is intended to support affected businesses during the construction period and contribute to the economic vitality of the Lincoln Town Centre.
• The redevelopment works comprise two stages, with timeframe of the works and geographic area where there are affected businesses:

Outcomes – What we will see through initiatives funded by this fund

• Council demonstrates its commitment to supporting local economic development through economic vitality, vibrancy, and attractiveness of the Lincoln Town Centre through targeted support to businesses experiencing significant disruption.
• Likelihood of viability for affected businesses improves.
• Business confidence in the Lincoln Town Centre redevelopment programme is improved.

Who can apply – Stage 1 Affected Businesses

• A business may apply under the Stage 1 funding round if it:
  • operates from premises located within the Stage 1 affected area, being premises located on Gerald Street, Robert Street, West Belt, or Maurice Street where Stage 1 Lincoln Town Centre redevelopment works were/are immediately adjacent to the business;
  • operated from those premises throughout the Stage 1 construction period;
  • can demonstrate that the Stage 1 Lincoln Town Centre redevelopment works adversely affected its business activities;
  • meets the eligibility criteria below.

Who can apply – Stage 2/3 Affected Businesses

• A business may apply under the Stage 2/3 funding round if it:
  • operates from premises located within the Stage 2/3 affected area, being premises located on Gerald Street between West Belt and up to the Springs Road roundabout, and Marion Place and Vernon Drive where Stage 2/3 Lincoln Town Centre redevelopment works were/are immediately adjacent to the business;
  • operated from those premises throughout the Stage 2/3 construction period;
  • can demonstrate that the Stage 2/3 Lincoln Town Centre redevelopment works adversely affected its business activities; and
  • meets the eligibility criteria below.

Eligibility Criteria

To be eligible for funding, an applicant must demonstrate to Council's satisfaction that:

• during the applicable construction period (being either the Stage 1 construction period, or Stage 2/3 construction period, the business experienced a decline in turnover of greater than 25% when compared with the corresponding period in the previous financial year;
• the decline in turnover was materially attributable to impacts arising from the Lincoln Town Centre redevelopment works;
• the business remains actively trading at the affected premises at the time the application is assessed; and
• all information provided in support of the application is complete and accurate.

Businesses may apply regardless of whether they own or lease their premises.

The following are not eligible:

• businesses that cannot demonstrate a turnover decline exceeding 25% attributable to the redevelopment works;
• businesses that commenced trading after the commencement of the Stage of works that they are applying for and therefore cannot provide a comparable trading period;
• home-based businesses;
• businesses located outside the defined affected area;
• businesses with a turnover of >$1m;
• central government, local government or Council-controlled organisations.

What can be funded:

• The Fund provides direct financial assistance to eligible businesses affected by the Lincoln Town Centre redevelopment works.
• Funding may be used by recipients for any legitimate business purpose associated with maintaining business operations during the construction period.

Funding available:

Subject to the availability of funds and the merits of each application:

• A demonstrated decline in turnover of 25% to 50% may be eligible for a grant of up to 50%.
• A demonstrated decline in turnover exceeding 50% may be eligible for a grant of up to 100%.
• The Council may apply a proportional reduction to grant amounts if approved applications exceed available funding.
• Approval of one application does not create any entitlement for future funding.

Evidence required:

Applications can include the following information that can be taken into account in determining the funding available for the application:

• financial statements, GST returns, point-of-sale reports, management accounts, bank statements, or other financial records acceptable to Council demonstrating:
  • turnover during the applicable construction period; and
  • turnover during the equivalent period in the preceding financial year;
• a written explanation of how the Lincoln Town Centre redevelopment works adversely affected the business;
• evidence supporting that explanation, which may include information relating to reduced customer access, reduced foot traffic, loss of parking, reduced visibility, construction disruption, or similar matters; and
• details of any other factors that may have affected the business turnover during the assessment period.

Examples of other factors include, but are not limited to:

• significant staffing changes;
• changes in trading hours;
• temporary business closure;
• relocation;
• change in ownership;
• unusual one-off events;
• wider economic conditions specific to the business sector.

The applicant must identify the extent to which those factors may have contributed to the decline in turnover.

Council (or the Community Funding Assessment Panel on the Council’s behalf) may take those factors into account when determining whether, and to what extent, the decline in turnover is attributable to the Lincoln Town Centre redevelopment works.