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Bournemouth Christchurch & Poole Council is considering closing its regeneration company, FuturePlaces, and selling former civic buildings.
BCP is subject to government scrutiny over its finances and a government-commissioned review recently noted concerns about the relationship between the council and FuturePlaces. It urged BCP to agree a business plan for FuturePlaces by this September.
A report prepared for the corporate and community overview and scrutiny committee next Wednesday recommends closing FuturePlaces and bringing development and investment activities back in-house.
The cost of an orderly closure of the company is estimated to be between £1.24m and £2.23m.
The estates team would also be asked to sell Christchurch civic offices and Poole Civic Centre. Selling these two sites would generate funds for the council’s transformation programme and “reduce the need to sell income generating assets”, the report says.
Selling these civic sites would reverse a previous plan FuturePlaces had made to develop the areas. The report does not say how much could be raised from selling the buildings.
By bringing development and investment activity in-house, the report says there would be “greater focus” on projects and suggests a new investment and development director would work “transparently and openly”.
Under the recommended option staff would be transferred to the council in November and the company wound down by next October.
BCP decided to set up an urban regeneration company in May 2021 to manage developments across the area and attract professional experts. It said this had “clearly benefited the ambition and aspirations around place-making”.
However, the paper notes that “the economic environment has changed, and we are no longer in a period of readily available capital investment and low interest rates” meaning the council should focus on “key sites”.
Four projects FuturePlaces is working on would be stopped and three would be reviewed, under the recommendations.
BCP would continue with nine projects. In one case part of the project will be continued but part of the site sold for residential development.
BCP’s “worsening” financial position includes a £44m funding gap in the 2024-25 medium-term financial plan. Last year DLUHC granted BCP a £20m capitalisation direction, but in the end the council did not take this up.
In May the Conservatives lost control of the council and it is now run by Lib-Dem led coalition including independent, Labour, and Green councillors.
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