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.