Issue - meetings
Medway Development Company Ltd - Six Monthly Update and Business Plan Summary
Meeting: 10/01/2023 - Cabinet (Item 9)
9 Medway Development Company Ltd - Six Monthly Update and Business Plan 
PDF 514 KB
Minutes:
Background:
This report updated the Cabinet, as shareholder, about the range of developments being progressed by the Medway Development Company Ltd (MDC). These developments were Chatham Waterfront, Garrison Point, Mountbatten House and Britton Farm Residential. The report also provided an update on the Get Building Fund and Future High Street Fund projects.
The report was the seventh update report to the Cabinet as a shareholder of MDC, with the most recent update having been considered by Cabinet on 7 June 2022. The report was accompanied by an updated Business Plan, which was set out in the exempt appendix.
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Decision number:
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Decision:
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The Cabinet noted the progress being made on the projects since the last update.
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The Cabinet noted the key achievements outlined below: · The delivery of affordable homes secured through S106 contributions. · The delivery of additional affordable homes above the 25% requirement through the ‘First Homes’ pilot scheme. · The delivery of short-term financial returns through capital receipts and finance repayments. · The delivery and creation of long-term revenue streams. · The delivery of high-quality design led developments to produce positive regeneration outcomes, attracting jobs and investment. · The delivery of new residential communities in town centres to support the local economy and businesses. · The delivery of significant marketing campaigns to raise the profile of Medway
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05/2023 |
The Cabinet noted the investment made by Medway Development Company Ltd and approved its Business Plan as set out in Exempt Appendix 1. |
Reasons:
To continue the regeneration of Chatham and Gillingham with the provision of high-quality housing, public realm works and an improved retail offer but also to plan for future projects.