63 Middlesbrough Development Company (MDC): Business Plan Update PDF 312 KB
Additional documents:
Minutes:
The
Executive Member for Regeneration, the Executive Member for Environment and
Finance & Governance, the Director of Regeneration and Culture and the
Director of Finance submitted a report for the Executive’s consideration. The
purpose of the report was to provide a review of MDC’s activities over the past
year and to set out the priorities and anticipated expenditure for the next 12
months.
As
it had now been 12 months since the approval of the MDC Strategic Plan, it was
considered an appropriate time for the company to provide the Shareholder with
a Business Plan Update, which was attached at Appendix 1 of the submitted
report.
Paragraphs
8 to 11 of the submitted report provided a brief outline of progress since
September 2020.
Construction
of the Boho Village and Newbridge
Court developments were both scheduled for completion by the end of September
2022 and work would now commence on the Empty Homes Partnership and CSI scheme.
In
addition, the Business Plan Update provided details of a number of pipeline
projects that MDC was developing in its capacity as a developer or development
enabler, which were being considered for delivery over the next year, subject
to Board and MBC Executive approval:
a) Eyesore sites -
development of vacant and unsightly plots of land/buildings around the town.
b) Middlehaven - developer or
development enabler for several vacant plots in or around the area.
c) Former Captain Cook Pub
- development enabler to bring forward various options. The Council intended to
market the building and would, on completion of the remedial work in December
2021, seek interest from developers on a wide variety of proposals.
d) Centre North East -
development enabler to facilitate a 200 unit apartment scheme.
It
was anticipated that MDC would draw down between £10m and £15m in funding from
the Council over the next 12 months to progress the Boho
Village, Newbridge Court, Empty Homes Partnership and
CSI projects.
ORDERED
That the contents of
the MDC Business Plan Update, attached as Appendix 1, be noted.
REASON
The Shareholder Agreement
required MDC to provide the Council with a report setting out the progress of
the company in relation to the objectives and/or milestones set out in the
Business Plan.