Cabinet agrees to underwrite increased costs to Transporter Bridge transformation project
Posted on Friday 29th April 2022
Newport City Council’s cabinet has agreed to underwrite increased costs to the Transporter Bridge transformation project at a meeting held yesterday.
The agreement has allowed the council, as custodians of this unique heritage site, to formally appoint new contractors to both the visitor centre and the bridge restoration elements of the project.
The need for new contractors arose after both of the companies originally appointed to the project went into administration, due to pressures in the construction industry brought about by the coronavirus pandemic.
Very little funding was spent before this happened, and the council carried out a re-tendering process as quickly as possible.
Reflecting worsening market conditions impacted by a global backdrop of increased costs and labour shortages, the new tenders returned significantly higher prices.
The council applied to the National Lottery Heritage Fund for an uplift to the £8.75m grant they had previously agreed to provide. National Lottery Heritage Fund agreed to provide an extra £1.95m in funding, and the council is grateful for their continued support for the project.
The council has also identified £684k of savings in the project after carrying out a value engineering review. These savings do not significantly alter the scope of the project.
Cabinet has agreed to underwrite the remaining £2.922m of project costs in order to allow the council to lock in the tender prices and appoint the contractors.
The council will continue to seek additional sources of funding for this important project, which will preserve one of Newport’s most prominent heritage structures for future generations to enjoy. Any further funding secured will reduce the amount that the council is required to underwrite out of its capital budget.
The council has continued to run engagement work with schools, community groups and the wider public while the re-tendering process has been carried out, which has resulted in around 1400 people being engaged with the project since January 2022.
The bridge will be open to the public this coming bank holiday Monday (2 May), with gondola rides and access to the top walkway available from 10am-3.30pm.