PROPERTY
Council announces plans for new £30m investment fund
Council plans to invest up to £30m in local property and other investment opportunities in Leicester have been announced. Leicester City Council is proposing to set
aside £10m for investment in commercial property. A £20m investment fund will also be set aside to take advantage of new opportunities which benefit the local economy, by attracting private investment and creating new jobs, while still offering a secure return on the council’s cash. The £30m proposed investment fund would use
Work is now under way on the new Peak Resort in Chesterfield The resort aims to draw
international and city-based tourists to the region by providing world-class accommodation and hospitality services linked to all the attractions and experiences the Peak District National Park and the Sheffield City Region already offers. Councillor John Burrows, leader
of Chesterfield Borough Council, said: “This project is going to be a game-changer for Chesterfield and
its economy because it will put the area firmly on the UK tourist map and bring more visitors to the town. “The fact work has begun on the
project is a direct result of our involvement in Sheffield City Region and the £2.8m grant we have helped to negotiate to carry out the phase one works. It shows the direct benefits that Chesterfield gets from having a seat at the Sheffield City Region table.”
council money currently sitting in the banks and set aside specifically for paying off part of its £200m debt. This debt has accrued as a result of borrowing to pay for major projects such as roads and schools. Money to repay it is raised every year. This money cannot be used to fund council services, or to offset Government cuts. At present, low interest rates set by the Bank of England mean that
any such money in council savings accounts is not gathering a good level of interest – only about 0.5%. City Mayor Peter Soulsby (pictured) said: “It is vital that we look at
every opportunity to make our cash balances work as hard as possible for good returns and the economic benefit of the city. “This is money that is currently sitting in low interest bank accounts
as security against borrowing from the Government to pay for major infrastructure projects. Like many other councils, we are now looking at ways that these cash balances can be used to generate a better return and to support local economic growth and prosperity.”
business network April 2017
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