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Minutes:
The Portfolio Holder for Economic Development, the Town Centre and Strategic Partnerships, Councillor May, provided an update in respect of the Council’s economic priorities. Following the delivery of a detailed presentation on this subject to Council in July a workshop session had been held during which Council representatives had liaised with representatives of Worcestershire County Council, the Worcestershire LEP, and the Bromsgrove Economic Development Theme Group. A key aim of the workshop had been to encourage more joined up thinking and greater co-operation in respect of economic development in the district. In addition a new strategy, exploring future growth areas, had been commissioned and would report to Cabinet in due course.
During consideration of this item the Executive Director of Finance and Corporate Resources also provided Members with an update in respect of the Investments and Acquisitions Strategy, which was due to be considered by Cabinet and Council in September. This strategy explored the potential to invest in land or buildings for commercial use. The Council would use its borrowing powers to invest in assets, subject to a business case that demonstrated the income that would be generated from the site. The level of risk associated with projects would dictate the value of the investment in the site and would be within the boundary of the District.
Following Councillor May’s verbal presentation Members discussed the following matters in detail:
· The redevelopment of Bromsgrove town centre in recent years and the need to ensure that the whole of the high street received support.
· The extent to which redeveloping land for commercial use and renting this to customers represented a change of policy for the Council. The Board was advised that new income streams were important to explore given the challenging financial circumstances facing local government.
· The location of the land that would be purchased for the industrial units. Officers explained that whilst other local authorities were exploring purchasing land throughout the country Bromsgrove District Council would focus on only obtaining land for this purpose in the district.
· The feasibility study that had been commissioned by NWEDR to improve connectivity within Bromsgrove town centre without losing the distinct characteristics of the local economy. This study would also explore the potential to encourage people using Bromsgrove Retail Park to visit the town centre.
· The potential for pop up stores to be introduced in Bromsgrove town centre.
· The extent to which the Council’s Economic Strategy remained relevant, in light of changing financial circumstances for the Council and the emerging Neighbourhood Plans and the Green Belt review.
· The focus of the Council on future development and moving forward constructively building on the foundations provided by the Economic Strategy.
· The potential for the Council to work with Worcestershire LEP to help new companies to grow whilst continuing to be based in the district.
· The difficulties involved in encouraging some landowners to make their land available for commercial development rather than as housing.
· The option for Council to use compulsory purchase orders to obtain land in challenging circumstances.
· The potential for the Council to purchase premises on Bromsgrove High Street and to rent these out to local businesses.
At the end of these discussions the Board
RESOLVED that the update be noted.
Copyright Bromsgrove District Council
Copyright Bromsgrove District Council