Agenda item

Report of the Director of Economic Growth and Neighbourhood Services

The Cabinet Member with the Economy and Regeneration Portfolio introduced the report of the Director of Economic Growth and Neighbourhood Services (previously circulated) requesting that consideration be given to the release of £10m of capital funding from the Tees Valley Indigenous Growth Fund, for land assembly, site design and development, and bring forward regeneration projects and prepare sites for development within Darlington Town Centre which supports the delivery of the Town Centre Strategy 2019/30.

The submitted report stated that the funding was required for up front expenditure to purchase land/buildings, prepare sites and stimulate development to enable the Council to deliver its priorities and to meet income targets in the Medium Term Financial Plan, through attracting new business, delivering new homes and growing the economy; the developed sites were expected to achieve either capital receipts and / or lead to new business rates income, new jobs and new homes within the Town Centre; and stated that additional funding was also likely to be available through the Government’s Future High Street Fund.

RESOLVED – (a)  That the £10m of funding from the Tees Valley Combined Authority (TVCA) Indigenous Growth Fund, be released, subject to the completion of due diligence and release by TVCA, which will be targeted in key intervention areas within the Town Centre which will have the greatest impact and aligned to the Town Centre Strategy, those interventions to include:

                          (i)    strategic site assembly including purchase of land and buildings;

                         (ii)    ensuring sites are ‘development ready’; and

                       (iii)    public realm improvements and infrastructure investment.

(b)  That £150,000 of advanced design fees allocated in the 2019/20 Medium Term Financial Plan to support the economic objectives of the Council, be released.

(c)  That delegated authority be given to the Director of Economic Growth and Neighbourhood Services, in consultation with the relevant Portfolio Holder(s), for expenditure of the TVCA Indigenous Growth Fund for individual projects, land acquisitions and commitments of up to £1,000,000 in value.

(d)  That individual projects acquisitions and commitments of over £1,000,000, be brought back to future Cabinet meetings for agreement which will detail specific interventions and funding required.

REASONS – (a)  To provide funding for regeneration projects and bring sites forward for development.

(b)  Ensure decisions can be made in a timely manner to bring sites and building forward for development.