25 April, 2008 – Manchester City Council & English Partnerships £800million regeneration plans
Manchester City Council and English Partnerships are holding discussions to use a local asset-backed regeneration model to give parts of the city a breath of fresh air.
Options which are currently being explored include sites such as the one proposed for the failed super casino bid in East Manchester and could involve as much as £800million worth of regeneration.
Agencies and parties such as the Northwest Regional Development Agency are being sought after for advice, however no advisors have been appointed as yet.
LABVs work by creating a new company, in which the public sector invests by transferring land and property assets. A private sector partner is then appointed (via a competition) who will invest cash in the new company to match the public sector investment.
The LABV itself then works to a delivery business plan using the cash and assets. It is run as a commercial business and will provide a financial return to its investors – for both the public and private sector investors.
Half the regional development agencies in England have now adopted their use as a means to manage and develop their property holdings.
English Partnerships is currently working with other councils, such as Sunderland, Birmingham, Carlisle and Coventry, on similar plans.
Source: Place Northwest