York in need of £1bn 'war chest' to realise its economic ambitions

York Press: York in need of £1bn 'war chest' to realise its economic ambitions York in need of £1bn 'war chest' to realise its economic ambitions

MAJOR investors could be asked to help amass one of York’s biggest-ever development “war chests” after it was revealed the city will need up to £1 billion to realise its economic ambitions.

A City of York Council report on how key schemes such as the York Central development and upgrades to the outer ring road could be paid for has said traditional funding methods are unlikely to be enough to ensure the city’s economy grows and demand for new homes and top-quality office space is met.

The authority’s Labour cabinet will be asked tomorrow to approve officials drawing up a business case for a “joint venture” investment scheme.

This could see private investors contribute towards projects intended to boost economic growth and get a financial return from the eventual benefits, with the council also contributing cash or assets.

Officials said that despite recent progress on schemes such as the Terry’s and the Hungate development and signs of an upturn in the market, some unnamed “key strategic sites” may not be developed without a fresh and “more proactive” investment approach.

It said the volume and pace of development was not enough to deal with a backlog of 5,000 homes, another 4,000 affordable homes and “a severe under-supply of Grade A office stock”.

The report by the council’s head of economic development, Katie Stewart, said York’s target was to be creating 1,000 new jobs a year and increase the economic worth of the city by 63 per cent by 2030, but the estimated cost of the developments needed to achieve this was between £700 million and £1 billion. It said funding cuts may also strain the council’s own resources.

Public funding could come from bids through the Leeds City Region group of councils and local enterprise partnerships.

Ms Stewart’s report said “thinking bigger” could involve approaching a European “super fund” known as JESSICA through teaming up with other Yorkshire councils or authorities along the East Coast mainline.

If approved, officers will also look at creating a council commercial fund to push developments forward, pooling income from areas such as council tax, business rates, the New Homes Bonus scheme and sales of council assets.

Coun Dafydd Williams, cabinet member for finance, said: “The ultimate aim of these proposals is to create a virtuous circle of income streams, which in turn will provide resource within the city to enable further development.”

Conservative group leader Coun Chris Steward said new funding streams would “invariably mean more debt” and strict criteria for assessing their value to the city must be laid down.

He added: “We hope any long-term projects will be on a cross-party basis.”

Comments (19)

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9:40am Mon 3 Mar 14

eeoodares says...

Do not let tis lot load us with debt as well!
They will be out next year and they will not be back any time soon.

Remember what Liebour did on the National level?

Labour's gross mismanagement of the economy was laid bare after it was revealed a former minister left his successor a note that said 'there was no money left'.

In a stark message left in a Treasury desk, outgoing chief secretary to the Treasury Liam Byrne (Labour) wrote simply: 'I'm afraid to tell you there's no money left.'

Do not let them do this in our City!
Do not let tis lot load us with debt as well! They will be out next year and they will not be back any time soon. Remember what Liebour did on the National level? Labour's gross mismanagement of the economy was laid bare after it was revealed a former minister left his successor a note that said 'there was no money left'. In a stark message left in a Treasury desk, outgoing chief secretary to the Treasury Liam Byrne (Labour) wrote simply: 'I'm afraid to tell you there's no money left.' Do not let them do this in our City! eeoodares
  • Score: -23

9:47am Mon 3 Mar 14

roskoboskovic says...

why should investors help whilst these labour clowns refuse to help either themselves or more importantly,us.they waste fortunes on hairbrain schemes,cycle paths,unnecessary road signage etc etc.if they concentrated on what was necessary and not on these fripperies we might just get somewhere.
why should investors help whilst these labour clowns refuse to help either themselves or more importantly,us.they waste fortunes on hairbrain schemes,cycle paths,unnecessary road signage etc etc.if they concentrated on what was necessary and not on these fripperies we might just get somewhere. roskoboskovic
  • Score: -25

9:52am Mon 3 Mar 14

courier46 says...

It`s not the majority of residents economic ambitions,it`s these morons in charge that are trying to turn this beautiful city into something it should not and cant be turned into.
It`s not the majority of residents economic ambitions,it`s these morons in charge that are trying to turn this beautiful city into something it should not and cant be turned into. courier46
  • Score: -27

9:53am Mon 3 Mar 14

Can't all be wrong says...

I'm at a total loss why there is a need to saddle York residents huge amounts of debt lasting two or three decades into the future. Why does a compact historic city need this level of investment?
The upgrading of the ring road will not cost a Billion, additional homes will be financed through the private sector, as will office space should it be needed. So what are these other projects that require such huge investment?
I'm at a total loss why there is a need to saddle York residents huge amounts of debt lasting two or three decades into the future. Why does a compact historic city need this level of investment? The upgrading of the ring road will not cost a Billion, additional homes will be financed through the private sector, as will office space should it be needed. So what are these other projects that require such huge investment? Can't all be wrong
  • Score: -22

9:55am Mon 3 Mar 14

Jim says...

Could always close a few more bridges - Clifton, Ouse and Skeldergate. Don't need to close the A1237 bridge because the Popleton Park and Ride works have made that a no-go route anyway.
Wouldn't take long to raise 1 billion in fines.
Could always close a few more bridges - Clifton, Ouse and Skeldergate. Don't need to close the A1237 bridge because the Popleton Park and Ride works have made that a no-go route anyway. Wouldn't take long to raise 1 billion in fines. Jim
  • Score: -37

10:05am Mon 3 Mar 14

Thecynic says...

eeoodares wrote:
Do not let tis lot load us with debt as well!
They will be out next year and they will not be back any time soon.

Remember what Liebour did on the National level?

Labour's gross mismanagement of the economy was laid bare after it was revealed a former minister left his successor a note that said 'there was no money left'.

In a stark message left in a Treasury desk, outgoing chief secretary to the Treasury Liam Byrne (Labour) wrote simply: 'I'm afraid to tell you there's no money left.'

Do not let them do this in our City!
Quite right mate. However the current lot are no better, they have managed to almost double the UK public debt that was left by Labour, in just 4 years! and that's despite austerity measures. In 2010 UK debt was just over £700 Billion, in 2014 it is £1.23 Trillion! What the heck have they spent £430 Billion extra on, in just 4 years? and that is on top of all the revenue the Government gets, that's spent as well.
That's the equivalent of borrowing almost £110 Billion every year over and above their receipts. Austerity doesn't seem to have worked, it may have pulled the annual deficit down, but UK debt has rocketed.

If these Clowns were running a business they'd be bankrupt in a month, but because it's public money they don't care.
Sack the lot I say and put someone in charge who can actually do the job and not just talk about doing the job.
[quote][p][bold]eeoodares[/bold] wrote: Do not let tis lot load us with debt as well! They will be out next year and they will not be back any time soon. Remember what Liebour did on the National level? Labour's gross mismanagement of the economy was laid bare after it was revealed a former minister left his successor a note that said 'there was no money left'. In a stark message left in a Treasury desk, outgoing chief secretary to the Treasury Liam Byrne (Labour) wrote simply: 'I'm afraid to tell you there's no money left.' Do not let them do this in our City![/p][/quote]Quite right mate. However the current lot are no better, they have managed to almost double the UK public debt that was left by Labour, in just 4 years! and that's despite austerity measures. In 2010 UK debt was just over £700 Billion, in 2014 it is £1.23 Trillion! What the heck have they spent £430 Billion extra on, in just 4 years? and that is on top of all the revenue the Government gets, that's spent as well. That's the equivalent of borrowing almost £110 Billion every year over and above their receipts. Austerity doesn't seem to have worked, it may have pulled the annual deficit down, but UK debt has rocketed. If these Clowns were running a business they'd be bankrupt in a month, but because it's public money they don't care. Sack the lot I say and put someone in charge who can actually do the job and not just talk about doing the job. Thecynic
  • Score: -46

10:12am Mon 3 Mar 14

Archiebold the 1st says...

If york wants to reduce city centre cars and improve traffic around the area they need to speak to the rail network to see what capacity they can achieve by running services from the outskirts. Tesco askern bar for example would be perfect for this. Parking supplied and easy train travel to the centre. Even a new route from Monks X with the new stadium and shops etc. It is not 1billion pounds of investment that is needed.... at all... They must have a dr evil character just sat there making the estimates up... "how much will this cost" (with finger in mouth) "one billion pounds mwha mwha mwha"

Just look at the mess they made of the a64 roundabout. Why that’s not a flyover with a turn off to monks x and a slip road joining the a64 for people coming from monks x?? no lets have a massive round about with 20 lights 5 lanes for which there only needs to be 3... 1 to turn off and 2 for the dual carriageway.... its mental...
If york wants to reduce city centre cars and improve traffic around the area they need to speak to the rail network to see what capacity they can achieve by running services from the outskirts. Tesco askern bar for example would be perfect for this. Parking supplied and easy train travel to the centre. Even a new route from Monks X with the new stadium and shops etc. It is not 1billion pounds of investment that is needed.... at all... They must have a dr evil character just sat there making the estimates up... "how much will this cost" (with finger in mouth) "one billion pounds mwha mwha mwha" Just look at the mess they made of the a64 roundabout. Why that’s not a flyover with a turn off to monks x and a slip road joining the a64 for people coming from monks x?? no lets have a massive round about with 20 lights 5 lanes for which there only needs to be 3... 1 to turn off and 2 for the dual carriageway.... its mental... Archiebold the 1st
  • Score: -38

10:17am Mon 3 Mar 14

BL2 says...

Put the residents and the local infrastructure and support network first and foremost. We do not NEED these "Economic ambitions" - we need basic services!
Put the residents and the local infrastructure and support network first and foremost. We do not NEED these "Economic ambitions" - we need basic services! BL2
  • Score: -36

11:27am Mon 3 Mar 14

piaggio1 says...

And these people? . Get paid by the tax payers of our city council??...
Why...
And these people? . Get paid by the tax payers of our city council??... Why... piaggio1
  • Score: -43

11:31am Mon 3 Mar 14

piaggio1 says...

Oh eye. Saw another/same YCC van out at barmby ont marsh.hope we are notpayin his/her deisel to get to work................
.........
Oh eye. Saw another/same YCC van out at barmby ont marsh.hope we are notpayin his/her deisel to get to work................ ......... piaggio1
  • Score: -52

1:32pm Mon 3 Mar 14

Batman Begins says...

Before knowing if having a £1 Billion war chest is a good idea, surely we need to know to what use it will be put, and over how long a period they intend to spend it!
Before knowing if having a £1 Billion war chest is a good idea, surely we need to know to what use it will be put, and over how long a period they intend to spend it! Batman Begins
  • Score: -52

1:57pm Mon 3 Mar 14

Badgers Drift says...

This is sheer desperation, and 'pie in the sky' thinking by the council.

The failure to attract inward investment for the City Central site, with Katie Stewart and Darren Richardson wasting their time at last year's MIPIM at Cannes, costing £25,000 for the attendance ticket plus about £3,000 in travel and accommodation, is now revealed.

They will not attract investment this way. The council need to back off with punitive planning regulations (s106 blackmail monies), and let the private sector get on with it. The control freakery by this ultra left wing council is stifling growth and putting off investors. York doesn't mean business, it means control by a regime with a communist agenda !
This is sheer desperation, and 'pie in the sky' thinking by the council. The failure to attract inward investment for the City Central site, with Katie Stewart and Darren Richardson wasting their time at last year's MIPIM at Cannes, costing £25,000 for the attendance ticket plus about £3,000 in travel and accommodation, is now revealed. They will not attract investment this way. The council need to back off with punitive planning regulations (s106 blackmail monies), and let the private sector get on with it. The control freakery by this ultra left wing council is stifling growth and putting off investors. York doesn't mean business, it means control by a regime with a communist agenda ! Badgers Drift
  • Score: -54

3:31pm Mon 3 Mar 14

Idris Gawr says...

courier46 wrote:
It`s not the majority of residents economic ambitions,it`s these morons in charge that are trying to turn this beautiful city into something it should not and cant be turned into.
You are right, of course.
The "economic ambitions" are a group of York Council "officers" with their puppets, Alexander and his rag time band of useless Labour councillors.
The economic ambitions for most normal citizens of York are that property tax is dropped, and the vanity projects in York should be stopped right now.
Do not make York citizens cash cows for the morons.
[quote][p][bold]courier46[/bold] wrote: It`s not the majority of residents economic ambitions,it`s these morons in charge that are trying to turn this beautiful city into something it should not and cant be turned into.[/p][/quote]You are right, of course. The "economic ambitions" are a group of York Council "officers" with their puppets, Alexander and his rag time band of useless Labour councillors. The economic ambitions for most normal citizens of York are that property tax is dropped, and the vanity projects in York should be stopped right now. Do not make York citizens cash cows for the morons. Idris Gawr
  • Score: -52

3:37pm Mon 3 Mar 14

Idris Gawr says...

BL2 wrote:
Put the residents and the local infrastructure and support network first and foremost. We do not NEED these "Economic ambitions" - we need basic services!
Yes! Yes! Yes!
York citizens need basic services, first and foremost.
Cut the York Council budget by getting rid of the council "officers".
They are only pen-pushers and work in a ivory tower.
Cut the number of councillors by half, too.
[quote][p][bold]BL2[/bold] wrote: Put the residents and the local infrastructure and support network first and foremost. We do not NEED these "Economic ambitions" - we need basic services![/p][/quote]Yes! Yes! Yes! York citizens need basic services, first and foremost. Cut the York Council budget by getting rid of the council "officers". They are only pen-pushers and work in a ivory tower. Cut the number of councillors by half, too. Idris Gawr
  • Score: -50

4:49pm Mon 3 Mar 14

ian923 says...

Anyone ever seen a cyclist using the ridiculous and expensive new cycle track between Haxby Rd and Wiggington Rd.? I haven,t. Would have been much better to widen the carriageway and possibly 2 lanes in each direction.
Anyone ever seen a cyclist using the ridiculous and expensive new cycle track between Haxby Rd and Wiggington Rd.? I haven,t. Would have been much better to widen the carriageway and possibly 2 lanes in each direction. ian923
  • Score: -55

1:51am Tue 4 Mar 14

Magicman! says...

ian923 wrote:
Anyone ever seen a cyclist using the ridiculous and expensive new cycle track between Haxby Rd and Wiggington Rd.? I haven,t. Would have been much better to widen the carriageway and possibly 2 lanes in each direction.
People like you need the message forged into a 15lb lumphammer that is then swung in the direction of your head... IT IS NOT FINISHED!

Let's say for a moment that the same stretch of the A1237 when it was built bridge over the railway - would you back then have said "what a waste of money this new road is, nobody is using it"?? Put your brain into gear before having a bash at something you're trying to make an big issue out of something that in reality is down to a really simple and easy to understand issue. Though I supposed if you go round surrounded in a tin box, you might have not noticed there isn't a bridge in place; considering there's a lot of drivers who fail to big yellow signs and the words BUS LANE on a road surface, then it wouldn't suprise me if people fail to notice there isn't a bridge for a travel route!
[quote][p][bold]ian923[/bold] wrote: Anyone ever seen a cyclist using the ridiculous and expensive new cycle track between Haxby Rd and Wiggington Rd.? I haven,t. Would have been much better to widen the carriageway and possibly 2 lanes in each direction.[/p][/quote]People like you need the message forged into a 15lb lumphammer that is then swung in the direction of your head... IT IS NOT FINISHED! Let's say for a moment that the same stretch of the A1237 when it was built bridge over the railway - would you back then have said "what a waste of money this new road is, nobody is using it"?? Put your brain into gear before having a bash at something you're trying to make an big issue out of something that in reality is down to a really simple and easy to understand issue. Though I supposed if you go round surrounded in a tin box, you might have not noticed there isn't a bridge in place; considering there's a lot of drivers who fail to big yellow signs and the words BUS LANE on a road surface, then it wouldn't suprise me if people fail to notice there isn't a bridge for a travel route! Magicman!
  • Score: -1

1:53am Tue 4 Mar 14

Magicman! says...

Badgers Drift wrote:
This is sheer desperation, and 'pie in the sky' thinking by the council.

The failure to attract inward investment for the City Central site, with Katie Stewart and Darren Richardson wasting their time at last year's MIPIM at Cannes, costing £25,000 for the attendance ticket plus about £3,000 in travel and accommodation, is now revealed.

They will not attract investment this way. The council need to back off with punitive planning regulations (s106 blackmail monies), and let the private sector get on with it. The control freakery by this ultra left wing council is stifling growth and putting off investors. York doesn't mean business, it means control by a regime with a communist agenda !
"let the private sector get on with it".... Is that really a wise idea. We've let the private sector "get on with it" when it comes to supplying our energy and building our power stations, supplying our houses with water, providing our bus routes, providing value for money rail travel - and look where that has got us!
[quote][p][bold]Badgers Drift[/bold] wrote: This is sheer desperation, and 'pie in the sky' thinking by the council. The failure to attract inward investment for the City Central site, with Katie Stewart and Darren Richardson wasting their time at last year's MIPIM at Cannes, costing £25,000 for the attendance ticket plus about £3,000 in travel and accommodation, is now revealed. They will not attract investment this way. The council need to back off with punitive planning regulations (s106 blackmail monies), and let the private sector get on with it. The control freakery by this ultra left wing council is stifling growth and putting off investors. York doesn't mean business, it means control by a regime with a communist agenda ![/p][/quote]"let the private sector get on with it".... Is that really a wise idea. We've let the private sector "get on with it" when it comes to supplying our energy and building our power stations, supplying our houses with water, providing our bus routes, providing value for money rail travel - and look where that has got us! Magicman!
  • Score: 2

7:58am Tue 4 Mar 14

Exlabourmember says...

Thecynic wrote:
eeoodares wrote:
Do not let tis lot load us with debt as well!
They will be out next year and they will not be back any time soon.

Remember what Liebour did on the National level?

Labour's gross mismanagement of the economy was laid bare after it was revealed a former minister left his successor a note that said 'there was no money left'.

In a stark message left in a Treasury desk, outgoing chief secretary to the Treasury Liam Byrne (Labour) wrote simply: 'I'm afraid to tell you there's no money left.'

Do not let them do this in our City!
Quite right mate. However the current lot are no better, they have managed to almost double the UK public debt that was left by Labour, in just 4 years! and that's despite austerity measures. In 2010 UK debt was just over £700 Billion, in 2014 it is £1.23 Trillion! What the heck have they spent £430 Billion extra on, in just 4 years? and that is on top of all the revenue the Government gets, that's spent as well.
That's the equivalent of borrowing almost £110 Billion every year over and above their receipts. Austerity doesn't seem to have worked, it may have pulled the annual deficit down, but UK debt has rocketed.

If these Clowns were running a business they'd be bankrupt in a month, but because it's public money they don't care.
Sack the lot I say and put someone in charge who can actually do the job and not just talk about doing the job.
Misunderstand public sector finance a little? Tis is the problem when you inherit both a debt and a deficit. Until the deficit is closed the debt will continue to increase. Cuts bring us closer to surplus. Once we achieve surplus then the debt will start to fall
[quote][p][bold]Thecynic[/bold] wrote: [quote][p][bold]eeoodares[/bold] wrote: Do not let tis lot load us with debt as well! They will be out next year and they will not be back any time soon. Remember what Liebour did on the National level? Labour's gross mismanagement of the economy was laid bare after it was revealed a former minister left his successor a note that said 'there was no money left'. In a stark message left in a Treasury desk, outgoing chief secretary to the Treasury Liam Byrne (Labour) wrote simply: 'I'm afraid to tell you there's no money left.' Do not let them do this in our City![/p][/quote]Quite right mate. However the current lot are no better, they have managed to almost double the UK public debt that was left by Labour, in just 4 years! and that's despite austerity measures. In 2010 UK debt was just over £700 Billion, in 2014 it is £1.23 Trillion! What the heck have they spent £430 Billion extra on, in just 4 years? and that is on top of all the revenue the Government gets, that's spent as well. That's the equivalent of borrowing almost £110 Billion every year over and above their receipts. Austerity doesn't seem to have worked, it may have pulled the annual deficit down, but UK debt has rocketed. If these Clowns were running a business they'd be bankrupt in a month, but because it's public money they don't care. Sack the lot I say and put someone in charge who can actually do the job and not just talk about doing the job.[/p][/quote]Misunderstand public sector finance a little? Tis is the problem when you inherit both a debt and a deficit. Until the deficit is closed the debt will continue to increase. Cuts bring us closer to surplus. Once we achieve surplus then the debt will start to fall Exlabourmember
  • Score: 2

10:05am Tue 4 Mar 14

TheTruthHurts says...

ian923 wrote:
Anyone ever seen a cyclist using the ridiculous and expensive new cycle track between Haxby Rd and Wiggington Rd.? I haven,t. Would have been much better to widen the carriageway and possibly 2 lanes in each direction.
No it wouldnt, I travel that way every morning and there is nothing wrong with that particular stretch of road. Its the roundabout that snags up the traffic. Once you are clear of that particular roundabout its fairly steady there on.
[quote][p][bold]ian923[/bold] wrote: Anyone ever seen a cyclist using the ridiculous and expensive new cycle track between Haxby Rd and Wiggington Rd.? I haven,t. Would have been much better to widen the carriageway and possibly 2 lanes in each direction.[/p][/quote]No it wouldnt, I travel that way every morning and there is nothing wrong with that particular stretch of road. Its the roundabout that snags up the traffic. Once you are clear of that particular roundabout its fairly steady there on. TheTruthHurts
  • Score: 1

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