if your going to replace the belt anyway then you have to take the shroud and what not off regardless. If that is the case there is No Point cutting what could be a perfectly good belt? certainly fit a new one but if you can strip it down to remove that belt then put it in your rear quarter panel as a spare you may never need

Certainly it looks like someone tightened that bolt and sheared it and its knackered.

Take it off and check its function and have a good look at everything then refit a new belt.