Decision details

Purpose of Report: To identify options for facilitating investment to bring forward development of the city’s critical growth infrastructure at pace and scale.

Members are asked:

(i)         To agree for officers to undertake full options appraisal on the options identified;

(ii)        To approve work to liaise with investors on the city’s behalf along the lines of options identified;

(iii)       To delegate decision to the Chief Executive and Leader to undertake the necessary internal restructuring of resources to meet the resource needs identified within the report.

Resolved:  That Cabinet agree to:

i)             Note the progress already being made across a range of development projects.

ii)            The proactive development of the strategic investment pipeline ready for high level business case assessment against funding options;

iii)          Develop a business case for the creation of a CYC commercial fund;

iv)          Develop a business case for the creation of a joint venture investment vehicle ready for potential engagement with a strategic external investor;

v)           Dedicate the necessary resource from the Economic Development Unit to manage the development of this work, and delegation of responsibility to the Chief Executive and Director of City and Environmental Services to make changes to internal structures to provide the necessary resources to progressing this work;

vi)          Development of a project board to oversee development of this work.

Reason:     To allow officers to develop the business cases for a CYC commercial fund and a joint venture model, and to enable officers to engage landowners and potential investors in the process.