Decision details

Agreed

That:-

(1)        officers commit support, time and energy into exploring the benefits, risks and mechanics of a collaboration in a City Development Fund as a means of financing and delivering future developments in the Greater Exeter region and within the city.  Developments will embrace innovative solutions and a fresh approach to the procurement process to successfully compete with the scale and agility of private sector development funds;

(2)        the City Council encourage other public sector institutions within the city to commit resources to exploring the proposal for a City Development Fund; and

(3)        the fund would operate and be governed under the following four key principles: -

·      Publicly owned: The Fund is owned and controlled by Exeter’s public-sector institutions;

·      Impact driven: The Fund has place-making as its ultimate goal. All developments are measured for success on the basis of long term impact, outcomes and social benefit;

·      Professionally run: Experienced, world class team of fund and asset directors; and

·      Locally retained profits: All excess profits from developments are kept within the Fund and recycled back into Exeter developments.

Reason for Decision:

As set out in the report.