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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.
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Reason for Decision:
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As set out in the report. |