SQ
IMPACT OF FUNDING ON DESIGN & USES
Impacts on Securing Funding
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The three main design objectives for the site as a whole are culture, connections and opportunity and these will be applied to the redevelopment of Silo D too. As a proportion of the construction works are going to be funded through heritage and community grants, the desire to instill community benefit through local job creation and the celebration of local culture will go a long was to help securing these grants, particularly in regards to the Heritage Lottery Fund.
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However, the scheme shouldn't rely too heavily on grants as not only it is uncertain that they will actually be awarded, but they are also highly susceptible to poor market conditions and therefore could be withdrawn at any time during the application process. A balance between public and private sector funding would be best in order to spread the associated risk whilst maintaining control and ownership over the community asset.
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Grants can allow a development to be financially free of developers and ongoing liabilities and instead create an asset of real value to a community.
Amount of Funding Needed
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Owing to the scale of the project and the need for careful yet comprehensive restoration, the final costings of the project are unclear. However, costs will be substantial and will run in to the millions.
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The Royal Docks Good Growth Fund will match funding up to £3 million and therefore with the Heritage Lottery Fund taking applications between £250,000 and £5 million, it is sensible to apply for a grant of £3 million to fulfill the requirements of the Growth Fund. It will also be important to include as many housing units within the early phases of the project as possible in order to generate a beneficial income from CIL that can be used to support redevelopment works.
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Silo D and Millennium Mills are in a state of disrepair and will require a large amount of upfront capital to support regeneration efforts.
Impacts on Design and Future Funding
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Despite many forms of initial financing being on offer, there will be far fewer funds available to maintain the building into its future. Therefore, the building will be made to be as energy efficient as possible, with high levels of insulation and a ground source heat pump laid under the adjoining park to minimise future running costs.
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The fact that the building will be donated and held in a Community Land Trust will mitigate any expensive rental or mortgage payments and mean that any profits generated from the cafe, events spaces and observation pod can be reinvested back into maintenance as well as being used to fund all important employment and training opportunities for local people.
