Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Approval of a proposed Council investment
facility to support the activity of the Mayoral Development
Corporation and leverage partner investment
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.
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, Director of 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: