The Cabinet has previously given its approval the creation of a strategic investment facility at its meeting on 1 October 2019 to support investment which could kick start the regeneration of the Town Centre West area. This was published as an executive decision with the reference CAB191.
As the Council has worked through potential investment opportunities in line with the principles set out in the October report, it has become clear that the wording of the delegation for the approval of investments did not allow for equity or grant investment to be approved.
The Cabinet has therefore given approval to the amendment of its previous decision, and has agreed that 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 investment agreements (including but not limited to land assembly, loan, equity, and grant agreements) on a scheme-by-scheme basis.
The remaining elements of decision reference CAB191 in response to the
recommendations in paragraphs 8.1.1 and 8.1.2 of the October report remain unaffected by this amendment and decision as do the context, rationale, and investment principles set out in the main body of the October report.