Decision details

Mayoral Development Corporation Investment Strategy

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

Approval of a proposed Council investment facility to support the activity of the Mayoral Development Corporation and leverage partner investment

Decision:

The Cabinet considered a proposal to create an investment facility, including loan, equity and grant mechanisms, to support the Stockport Town Centre West Mayoral Development Corporation (MDC) by enabling it to access funding, subject to appropriate Council scrutiny and approval processes and agreed that:-

 

·           approval in the principle be given to a strategic approach to Council investment to support the regeneration of Town Centre West and the MDC as described in this report;

·           the creation of a recyclable equity and loan facility with an upper limit of £100m to support the MDC delivery strategy as set out in Section 5 of the report be approved;

·           authority be delegated to the Borough Treasurer and Corporate Director for Place Management & Regeneration, in consultation with the Cabinet Members for Resources, Commissioning, & Governance, Economy & Regeneration and for Sustainable Stockport, for the appraisal, due diligence, and approval of individual loan agreements on a scheme-by-scheme basis.

Alternative options considered:

None

Reason Key: Affects 2 or more wards;

Wards Affected: Brinnington & Central; Edgeley & Cheadle Heath;

Equality and/or Environmental Impact Assessment: Not applicable as equalities implications will be addressed as part of specific investment proposals brought forward through any approved investment facility

Decision Reference: CAB191

Declarations or conflicts of Interest: None

Forward Plan Reference: RC&G1

Other reasons / organisations consulted

Portfolio holders, CLT, Scrutiny and Cabinet

Contact: Paul Richards, Service Director, Development and Regeneration Email: paul.richards@stockport.gov.uk Tel: 0161-474-2940.

Report author: Joseph Conmee

Publication date: 02/10/2019

Date of decision: 01/10/2019

Decided at meeting: 01/10/2019 - Cabinet

Effective from: 09/10/2019

Accompanying Documents: