Issue - meetings

Report of the Planning and Economic Development Director

Further to Minute No. 7 of the meeting of the Cabinet Member - Regeneration held on 9 June 2010, the Cabinet considered the report of the Planning and Economic Development Director which provided an update on the launch by the Northwest Urban Development Fund of the Joint European Support for Sustainable Investment in City Areas (JESSICA) initiative, which is a new £100m fund to help support urban development projects in the North West.

The report also set out the proposed sub-regional working level arrangements to progress the development of an Urban Development Fund (UDF) for Merseyside and the potential projects in Sefton to be included in the programme.

RESOLVED:   That

(1)       the report be noted;

(2)       it be noted that the Sefton projects submitted in Annex A of the report could be included in the programme for funding opportunities; and

(3)       further progress reports on the initiative be submitted and in particular details of any financial and legal implications as a result of JESSICA/UDF proposals.

Report of the Planning and Economic Development Director

The Cabinet Member considered the report of the Planning and Economic Development Director on the Joint European Support Sustainable Investment in City Areas (JESSICA). The report indicated that this was a £100m fund launched by the Northwest Urban Investment Fund and a new financial instrument created by the European Commission in conjunction with the European Investment Bank with the basic principle to take a more commercial approach to the use of public funds in delivering regeneration and economic development. JESSICA would enable ERDF and match funding to be invested by Urban Development Funds (UDFs) in Urban Projects via loans, equity and/or guarantees. Returns from these investments could then be used to make new investments in new projects, thereby creating a revolving fund for investment in the region.

A sub regional working group comprising The Mersey Partnership, Liverpool Vision, Wirral MBC and Liverpool City Council had been set up and was working with a consortium comprising of Igloo Regeneration Ltd, Aviva Investors Global Services, GVA Grimley Ltd, and Royal Bank of Canada Europe Ltd, to create a Merseyside Urban Investment Fund covering a mix of uses and flexible investment approaches

RESOLVED:

That the Joint European Support Sustainable Investment in City Areas report be noted.