The Growing Places and Regional Infrastructure Funds Versha
- Slides: 15
The Growing Places and Regional Infrastructure Funds Versha Koria, Area Manager South and South West HCA 2 nd March 2012
Contents § The Growing Places Fund § HCA perspective on operating revolving infrastructure funds
The Growing Places Fund § £ 500 m fund with three key aims: – To generate short term economic activity by addressing immediate infrastructure and site constraints – To allow LEPs to prioritise local infrastructure needs to deliver their economic strategies – To establish sustainable revolving funds that will lever in private investment
The Growing Places Fund § Distributed to LEPs on formula basis: – – – Cornwall and Isles of Scilly Dorset Gloucestershire Heart of the South West Swindon and Wiltshire West of England £ 4. 2 m £ 6. 4 m £ 5. 6 m £ 14. 2 m £ 6. 2 m £ 11. 3 m § LEPs encouraged to work in partnerships to achieve critical mass and economies of scale § Nominated local authority to act as fund holder
The Growing Places Fund § Strong Government preference to see sustainable revolving funds established § Encouragement to adopt good practice established as part of Regional Infrastructure Funds § Majority of funding is capital § Up to 2% of fund set aside to assist management
HCA offer on Growing Places Fund Where we are invited by LEPs, we can bring expertise and experience to support the development of funds locally: § Investment planning and prioritisation § Challenging viability and deliverability § Alignment with other investment (works well with Community Infrastructure Levy and New Homes Bonus) and land § Expertise in funding models, including revolving funds and links to existing fund structures § Navigating ‘State Aid’ issues § Acting as a ‘critical friend’
HCA management of three Regional Infrastructure Funds § We manage three RIFs established by Regional Development Agencies: – SWRIF (£ 36. 6 m) – AWM (£ 9. 6 m) – SEEDA (£ 15. 1 m) § First round investments of the funds have unlocked more than 24, 000 homes and employment space, accommodating more than 31, 000 jobs
Revolving Infrastructure Funds concept By Developer Funds infrastructure £FUND t l en tia pm en lo id ve es s R de es es in bl us ce r B spa a En O De S 1 ve 0 lo De pa 6/c pe v. o r Re yme ntr via O pa nt act r. L ys s A Fu TI v F, ia nd NH C B IL, or By L. A.
SW Regional Infrastructure Fund § £ 36. 6 m fund launched in March 2008 by SWRDA (£ 30 m Df. T, £ 6. 6 m SWRDA) § RIF is not gap funding § Forward funding, repayable as development proceeds § The RIF can: - Lever in additional private sector resource - Share risk between local authorities and developers § Five major investments to date will unlock more than 15, 000 homes and more than 700, 000 sq m of employment space
Case study – Cranbrook new community § Largest individual growth area designated within the South West § A self-sufficient, low carbon new community § A population of 18, 000+ in 6, 550 homes by 2026 (30% affordable) § 11, 000 jobs at Cranbrook, Exeter Science Park and Sky. Park § Total investment £ 1. 6 bn+ § Public sector funding of £ 45 m including RIF, NAHP, Growth Point, Community Infrastructure and Low Carbon Infrastructure funding
Case Study – Cranbrook new community § Total RIF £ 12 m - main local route, primary school and Clyst Honiton Bypass § Partners are Hallam Land, Persimmon and Taylor Wimpey § Repayment £ 8, 000 per completed residential unit until total is repaid, with minimum fixed payments from 2013 onwards
Case Study - Twin Sails Bridge, Poole § Key project enabled by second harbour crossing § Unlocks seven sites, a total of 26 ha of brownfield land § Delivers 2, 000 homes, 63, 500 sq m of offices, retail, community and leisure facilities § Potential to create 2, 000 jobs § £ 700 m in private sector investment
Case Study - Twin Sails Bridge, Poole § £ 9. 96 m RIF investment to Borough of Poole § The RIF secured the delivery of the Twin Sails Bridge and provided certainty of Df. T funding for associated infrastructure, which is delivered earlier § £ 8. 9 m is to be repaid by 2016 from developer contributions, including Community Infrastructure Levy § Fixed annual minimum payments of £ 1 m start in 2013/14
Key considerations § § § § What is planning status of development sites? What economic benefits will be unlocked by investment? How deliverable is the related development? What is the realistic timescale for repayment? Is there any risk of default? What security is offered? What is the risk/reward profile? How will the fund be managed in the long term? Have all legal/procurement issues (including State Aid issues) been considered?
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