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Delivering Urban Transformation Strategies: A Public Sector Led UDF

Delivering Urban Transformation Strategies: A Public Sector Led UDF. Des Gardner Head of Regeneration (Legal). Overview. The North West Evergreen Partnership The Investment Strategy - UDF's role in promoting the urban development strategy for the region

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Delivering Urban Transformation Strategies: A Public Sector Led UDF

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  1. Delivering Urban Transformation Strategies: A Public Sector Led UDF Des Gardner Head of Regeneration (Legal) Des GardnerCity Solicitors

  2. Overview The North West Evergreen Partnership The Investment Strategy - UDF's role in promoting the urban development strategy for the region Governance - share of participation (and management of interests) across municipal partners Funding - structure and possible future private sector (pension fund) leverage + incentives. Investment Management - relationship/responsibilities of the General Partner (fund manager)

  3. The Northwest Evergreen Fund NWDA - Holding Fund EIB Holding Fund Manager North West Operational Programme Rest of North West 4 sub-regions: Cumbria, Lancashire, Greater Manchester, Cheshire 18 unitary or County local authorities Ring - fenced Funds – AGMA/County Areas

  4. The Northwest JESSICA Fund Structure £50m Agency Land and Single Programme Funds released as Local Match Funding is secured £50m NWDA Match Funding £50m ERDF NWUIF (Holding Fund) EIB HF Manager +£10m Match RoNW +£10m Match AGMA +£10m Complementary Funding to Match £10m SP funds +£30m local match Merseyside UDF £30m ERDF £10m RoNW £10m SP Funds £10m AGMA £10m in the IDUFSP Capital Returns & Interest Projects Projects

  5. Process STAGE 1 (March 2010 – April) STAGE 2 (May – June) STAGE 3 (July– July 2011) • Expression of Interest • Establish consortium • Track record • Evidence of first negotiation partnership • Letters of support • The Bid • Investment strategy • Project portfolio • Ownership and governance • Risk management and control procedures • Financial forecasting • Management fees • Operational Agreement • Evidence of Stage 1 projects • Terms and Conditions • Investment Adviser Agreement • LP Agreement • Ancillary Documentation • Match Funding

  6. The Northwest Evergreen Fund Vision Create a high-employment region Invest in science, research and innovation Build on the region’s strengths in culture and media Supporting strong and diverse town centres Promoting a wider, stronger and more sustainable industrial base Ensuring sustainable sites are ready for development

  7. The Investment Strategy Strategic Framework - IPSUDs Project Selection Methodology Loan Pricing and Underwriting Monitoring Public/Private Partnership

  8. Investment Strategy The Greater Manchester View Strategic Economic Context Greater Manchester Strategy Assessment framework Project Pipeline – capacity building

  9. Governance Greater Manchester Bolton Bury Manchester Oldham Rochdale Salford Stockport Tameside Trafford Wigan County Areas Blackburn with Darwen Blackpool Cheshire East Cheshire West Lancashire Warrington Cumbria (tbc)

  10. Legal Structure

  11. Governance Limited Partnership Meetings Delegation to GP Special Consent General Partner Board Balanced AGMA/County Areas Co-chairs Reserved Matters Investment Adviser Appointment Independence Approval of recommendations

  12. Funding ERDF/Single Programme Public Sector match/complementary investment – land/cash Leverage public investment – private investment finance Other sources of finance – LGPF, Senior Debt, Developer equity

  13. Financial Structure

  14. Investment Management General Partner Real Estate Adviser - CB Richard Ellis Investment Strategy Report to General Partner EIB Holding Fund monitoring and management

  15. Project Selection Process

  16. Next Steps Fund operational July 2011 Quick Win Projects State aid framework Wider Investment Fund Housing Low Carbon Infrastructure

  17. Questions Des Gardner Head of Regeneration (Legal) Manchester City Council Des.gardner1@manchester.gov.uk + 44 161 234 3013

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