A new wave of development corporations will need funding, powers, leadership and specialist staff matched to the scale of the places they aim to transform, according to a new report from the Local Policy Innovation Partnership (LPIP) Hub.
An estimated 10-15 new development corporations are expected to be formed over the next two years. These are public bodies set up to deliver large-scale developments, such as new housing schemes, urban regeneration projects, or new towns.
With many of these bodies set to be established by mayoral strategic authorities rather than central government, the report warns some may lack the long-term finance, leadership and planning capacity needed to succeed. It calls for multi-year funding settlements and patient finance, reflecting the years often needed to fund technical work, acquire land and deliver infrastructure before homes or commercial schemes generate income.
The report also highlights the value of allowing corporations to retain and reinvest land value increases, as post-war new-town corporations did to fund infrastructure and repay loans.
Comment:
Report author Kevin Fenning, Director of Evidence First, said: ‘Strong planning powers will achieve little without the expertise to use them, while ambitious delivery targets require finance that reflects the long lead-in times of major development.
‘There is also a risk that several new bodies recruit from the same limited pool of planners, programme managers and infrastructure specialists.’
Forthcoming development corporations
The new or proposed development corporations identified in the report include:
• Greater Cambridge
• Greater Oxford
• Oxford Street
• Atom Valley Northern Gateway
• Old Trafford
• Birmingham East
• Peterborough
• Bolton Town Centre
• Middleton
• Oldham
• Ashton to Stalybridge
• Liverpool North Docks
• Newcastle-Gateshead
• Brabazon and the West Innovation Arc
