SKDC is proposing a joint venture, DeliverSK, with a private company to help a series of projects from start to finish. The council would use the new partner's expertise in managing, funding and delivering large-scale developments.
The Leader of South Kesteven District Council, Councillor Matthew Lee, said following the meeting: "I am delighted that council approved the funding for this exciting initiative which will bring many benefits to our growth aspirations for the district. We can now concentrate our efforts on the search for a suitable partner to form DeliverSK."
The full council voted unanimously at its meeting on Thursday (27 September) to approve a budget in 2018/19 of up to £100,000 for initial set-up costs and up to £500,000 as initial working capital, funded by the council's local priority reserve.
It is expected that the £500,000 would be repaid by successful projects for use on future schemes, thereby "recycling" the original investment.
Members also agreed to provide money to buy a parcel of land in South Kesteven, and meet any future funding needs.
The partnership approach is currently a success in other local authorities. Potential projects could include housing developments, including social and affordable homes; office and employment space; leisure facilities; and mixed-use regeneration schemes.
DeliverSK would complement the work of InvestSK, formed to help grow the economy by attracting new companies into the district, supporting existing businesses to grow and thrive - and promoting art, culture and the visitor economy.
Thursday's meeting also voted to ask the Governance and Audit Committee to consider changes to the council's Treasury Management Strategy for investments in DeliverSK activities and projects.
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