The formation of a new company to drive economic growth has been approved by East Lindsey District Council’s Executive Board
The company will be tasked with driving economic growth in the district; serving as a housing development company and also helping to deliver a number of key growth projects.
Establishing an economic growth company has become common practice for local authorities in recent years and enables authorities to proactively deliver growth rather than be confined to the role of facilitator.
Following the approval by Executive Board, District Council last night, officers will now commence the process of establishing the company and drawing up necessary governance arrangements. Once this has been completed, a business plan will be presented at a full council meeting for approval and permission will be sought to begin trading.
Coun Steve Kirk, Portfolio Holder for Coastal Economy, said: “I’m delighted that Executive Board colleagues have supported the formation of this new growth company. As a Council we have been clear in our commitment to supporting the growing the economy of the district for a number of years, and the growth company will allow us to play a much more active role in driving this.”
Portfolio Holder for Market Towns and Rural Economy, Councillor Adam Grist, added: “We have seen a decline in the funding from Government for a number of years now and we’ve been clear for some time that to address this we need to act more commercially. Growth development companies are a very common way of helping councils do this and I’m pleased that we will now progress with the formation of one for East Lindsey.”