Cabinet received a report which advised that the credit crunch that began in 2007 has virtually eliminated the funding traditionally available for growth developments and it is unlikely these funding mechanisms will ever recover to levels seen before. The economic downturn has also created a heightened pressure for economic development and city marketing activities. Over the last year the Council has been working to ensure its growth delivery arrangements positively adapt to these changes. A dialogue with capital market specialists has been initiated, who have advised on the in-house processes and arrangements that will be needed to generate investor confidence in the city and on the technical approaches for making a case for them to fund key projects. The arrangements discussed in the report will combine capital market infrastructure finance expertise with world-class development skills, enabling the growth agenda to continue to be delivered.
As well as refreshing project delivery arrangements, the changes will also strengthen the commitment to building a strong economic base in the city. These proposals will, through changes to Opportunity Peterborough, enhance the approach to economic growth and development within the city and the wider sub-region, helping to realise the ambition to create conditions for greater levels of entrepreneurship and enterprise.
CABINET RESOLVED TO:
Approve the proposed changes to the growth delivery arrangements set out in the report.
Decision type: Key
Reason Key: Significantly affecting two or more electoral wards;
Decision status: Recommendations Approved
Decision due: December 2009 by Cabinet
Lead member: Councillor Piers Croft piers.croft@peterborough.gov.uk
Lead director: Deputy Chief Executive
Department: Deputy Chief Executives
Contact: Shahin Ismail, Head of Delivery 01733 452484, shahin.ismail@peterborough.gov.uk shahin.ismail@peterborough.gov.uk Tel: 01733 452484.
Consultation process
Internal departments as appropriate