Council moves to investigate LABV solution
Fri 27th September 2013, 8:54 am
A council in the North West is considering using a local asset backed vehicle to sweat its land holdings.
Members at Wirral Council last week gave the go-ahead for officers to examine how the vehicle could be used to generate income from regeneration, and has applied for help from the Local Government Association through a growth advisor, to help identify best practice and develop a framework for the LABV.
A report to councillors said that other work would include defining the outputs the council would wish to generate from the model, producing an options appraisal for the best approach, and bringing in external legal support to guide the development of the LABV.
It would also draft an Official Journal of the European Union (OJEU) procurement notice setting out the council’s intention, along with a specification for a private sector partner to help run the vehicle.
The report said: “As part of this process it will be necessary to develop a robust evaluation matrix to ensure that the council engages with a partner who shares its aims, objectives and ambitions."
A delivery framework will be brought back to councillors to consider when this work has been completed.
Tue 1st October 2013, 11:36 am
The benefits of creating local asset backed vehicles are still strong, despite the failure of some early versions of the model, according to a new report produced on behalf of the Confederation of British Industry.
Thu 23rd May 2013, 4:38 pm
Morgan Sindell Investments has signed contracts for £40 million of regeneration activity as part of its local asset backed vehicle owned jointly with Bournemouth Borough Council.
Wed 16th January 2013, 3:17 pm
Developer John Laing is set to make 16 redundancies, blaming a lack of opportunities in the public private partnership opportunities in the UK and “lack of traction” in the LABV model.