Issue - meetings

(Cllrs D Newton, P Groves and A Thwaite declared a non pecuniary interest in this item, by virtue of being members of the Board of Cheshire East Engine of the North Ltd).

          Consideration was given to a report updating Council on the development programme for housing and economic growth, to be delivered by East Cheshire Engine of the North Limited. It was reported that a development programme had been prepared in respect of an initial portfolio of sites, to deliver the desired outcomes for the community (including over 4,000 new homes and 3,000 jobs) and generate significant economic growth and prosperity for local residents. It was also anticipated to generate major capital receipts for the authority – some £40m in the next 3 years, potentially in excess of £80m over a 10-year period, net of development costs.

          The full programme would be considered in February 2014, for inclusion in the Capital Programme, as part of the Budget Setting process for 2014/15-2016/17. The purpose of the report was to seek approval for potential development spending in the current year, to March 2014.

           RESOLVED

1.            That the potential to generate significant economic growth and capital receipts (i.e. £40m in the next 3 years; £80m+ over a 10-year period, net of development costs) be noted and incorporated in future strategic Capital and Revenue budget planning, at Council in February 2014

2.            That, in order to enable Engine of the North to fully deliver £40m of capital receipts over the next 3 years and given that enabling funds may be needed before budget setting in February 2014; a supplementary capital estimate of £5.5m be approved, funded initially by virement from within the current Capital Programme, pending financing through the capital receipts generated from disposals of the sites during 2014.

3.            That acknowledgement be made that the Engine of the North is enhancing the assets of Cheshire East, as directed by Council, from £13m to a potential £80m of net value.

4.            That the Shareholder’s Committee and its role, as set out in paragraph 9.3 of the report, be noted.