Issue - meetings

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.