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Plymouth City Development Company
06 August 2010
The Board of Plymouth City Development Company (PCDC) today
(Friday August 6) held a meeting to discuss the future funding
arrangements for PCDC.
The meeting was held within the context of the significant
changes proposed to arrangements for the delivery of economic
growth and regeneration and the reduction proposed for public
sector budgets.
Of particular relevance for PCDC is that, of its three funding
partners, Plymouth City Council and the Homes and Communities
Agency (HCA) face significant budget constraints, in line with
Government policies, and the South West RDA is due to be abolished
by March 2012.
Given the difficult spending decisions which will need to be
taken across the public sector nationally the Board was informed
that there was no realistic prospect of further public sector
funding for PCDC from the HCA and the RDA, beyond the initial
three-year commitment from the funding partners up to March 2011.
Despite some support being offered by the private sector, there was
no realistic prospect of sufficient funding being generated to meet
this gap.
In view of this, the Board reluctantly took the decision that
the Company would be unable to continue to operate into the new
financial year and that the process should begin to wind up the
PCDC at the earliest opportunity. It is expected that PCDC will
cease trading shortly.
PCDC chairman James Brent said: “PCDC was tasked with a
significant challenge when it was formed to take the lead on
economic growth and regeneration for Plymouth. It was a challenge
we accepted with enthusiasm and I know that the Board, the PCDC
team and our funding partners have been united by a passion to
bring improvements to Plymouth for the benefit of all those who
live, work and visit here.
“Achieving this sort of step change for Plymouth’s economy was
always going to be a long term project. So it is very disappointing
to have to bring PCDC’s work to a close after a period of less than
three years, which unfortunately also coincided with some of the
most difficult economic conditions in living memory.
“The positives are that significant groundwork has been put in,
partnerships built and progress made in several areas of PCDC’s
activity. This includes the development of regeneration plans, work
with the creative and other sectors of the economy, the Digital
Plymouth project, various inward investment projects and the
development and roll-out of the city’s new brand identity. We will
work with our partners to ensure that the benefits of these
projects are maintained and taken forward.
“At a time of uncertainty, there are three points on which I
have absolutely no doubt. First the need to drive economic
development in the city is at least as important now as it was when
the PCDC was formed. Second, the city has got the ingredients
necessary to achieve a material improvement in its economic
performance. Third, this improvement will only be achieved through
genuine partnership between the public and private sectors.
“I thank my colleagues at the PCDC, my fellow Board members and
the PCDC's partners for all the efforts which they have all made to
make Plymouth an even better city.”
Plymouth City Council Chief Executive Barry Keel said: “We
remain fully committed to working in partnership with the private
sector, however, in the current climate we have to be realistic
about what the private sector is likely to fund and what the public
sector will be able to fund. We have restructured the Development
Department of the Council to deliver on the growth agenda. We will
do all we can to continue this even in the harsh economic climate
that we face. We are also working closely with partners in
exploring the potential benefits from the establishment of a Local
Enterprise Partnership.
“We would like to thank the funding partners, the staff and
everyone who has been involved in the CDC for what has been
delivered.”
Ian Thompson, Devon Area Director for the South West RDA, said:
"It is disappointing that the PCDC Board has had to take this
decision today but there has clearly been a great deal of change in
the arrangements for delivering regeneration and economic growth in
our region since the PCDC was first envisaged, not least the
decision to close the South West RDA.
"There are a number of good projects already under way in
Plymouth which have been led by the PCDC team and we are keen to
help the city put in place the new arrangements necessary to build
on these foundations and continue this work."
Colin Molton, HCA director with responsibility for investment in
the South West, said: “The HCA remains absolutely committed to
working with local partners to support important projects which
bring economic benefits to the area.
“This is demonstrated by our continuing short term support for
PCDC, at a time of reduced resources to invest in projects.
“Despite this decision, our investment in the City of Plymouth
continues to be significant and I look forward to continuing to
work with partners to help drive forward the economic and social
regeneration of the city in the years ahead.”
James Brent concluded by saying: “Despite having to take this
difficult decision today, the Board were very clear that there are
still some great opportunities in Plymouth, that the city remains
open for business and there is every reason for Plymouth to be
positive about its future.”
ENDS
For media enquiries please contact:
John Casey
Deborah Clark Associates
01208 77900
Email: john.casey@dca-pr.co.uk