Cabinet agrees next steps in Council Investment Programme
In 2017, Cornwall Council put forward plans to make significant investment in homes, jobs and infrastructure. The overarching aim of the Investment Programme is to create a positive return for Cornwall Council that will support further borrowing and contribute to the Council's spending plans to sustain priority outcomes in the local community in the future. One of the objectives of the Investment Programme is to promote and support the delivery of the Cornwall Local Plan and Strategic Economic Plan in a manner that makes a financial return for the Council, to support vital services and to help Cornwall Council future proof against the expected loss of European funding and the continued reduction in financial support from Central Government. It is envisaged that up to £600 million could be invested in the medium term.
In November 2017, Cabinet and Full Council agreed an initial capital allocation of £70 million to fund projects that had been identified at that stage.
At its meeting in December 2018, Cabinet received an update on progress on the Investment Programme and the plans for the next 12 months. Cabinet recommended to Full Council an uplift in the capital programme of £107 million to fund a number of identified projects including housing at Tolgus (Redruth), Liskeard, Newquay, Bodmin, Launcestoin, Torpoint; workspace at Launcestonn, Bodmin, Hayle, Liskeard.
At the same meeting, Cabinet recommended to Full Council that an additional £159 million should be added to the capital programme specificially to bring forward the major development on the west of Truro at Langarth (Threemilestone). Full development of this site will essentially create a new community the size of a town such as Liskeard separate from, but complementary, to Truro.
UPDATE: 22 January 2019
At its meeting of 22 January, Full Council supported the proposed capital uplift of £107 million to enable the Council's investment programme to continue to acquire and develop sites and projects across Cornwall. See Council press release.