Shields Ferry increased cost funds approved
The latest funding has been allocated from the £1.85bn transport pot from central government announced earlier this year.McGuinness said: "We've all seen the headlines about rising construction costs. "We haven't been immune to that so we have had to put extra funding in to make sure the beloved ferry is protected.It is hoped the landing will be completed by 2027.
In 2020, the estimated cost stood at £8.8m. Since then, the project has been beset by issues, the Local Democracy Reporting Service said.Operator Nexus lost a £5.6m grant from the government's Getting Building Fund because it could not meet a requirement to complete construction by spring 2022.The scheme was later included in a Levelling Up Fund bid from North Tyneside Council as part of a wider regeneration of North Shields, but the application was unsuccessful.Last year Nexus estimated the cost at £14.6m due to the effects of inflation, but that has now increased further.The publicly owned organisation indicated the rising bill was because of the "very complex" nature of building at the Fish Quay, but said it could not confirm the full price tag until it had appointed a contractor.
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