The request for funding will first be heard at the meeting of CPCA's Investment Committee on Monday 13 January 2025.
The CPCA's Investment Committee will be asked to recommend the funding request, known as a change request, for approval at the Combined Authority Board in March.
The project has received funding through Peterborough City Council's successful Towns Fund bid, which secured £2m specifically for this initiative. Furthermore, £955,024 of developer contributions has been allocated, with the Combined Authority providing match funding.
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An additional £2m is now required to be able to begin construction for the following reasons:
• Design modifications - adjustments to the project design have introduced additional complexities and scope changes beyond the original estimate. This includes using more steel and increase in piling, a type of deep foundation, on the embankment landing area.
• Sewer diversion costs - updated assessments reveal significantly higher costs for required sewer diversions than initially projected
Following a successful public consultation, the bridge was named Cygnet Bridge and is a crucial infrastructure project to enhance connectivity and drive footfall to Fletton Quays, an area of the city which has seen a large amount of investment.
Councillor Nick Thulbourn, Cabinet Member for Growth and Regeneration, said: "If the additional funding request is approved, it will be a critical step towards realising our future vision for Fletton Quays.
"As the area develops, the need for a bridge will become increasingly apparent, especially with the addition of key projects like the Goods Shed. The bridge will serve as a cornerstone of the area’s development, providing essential infrastructure to better connect people. It is fantastic that we have been able to attract Government funding through the Towns Fund to help deliver such a vital project."
Planning approval for the bridge has also been recently granted.
