Establishment of a Joint Venture Development Company

Description

The Borough Council of Pendle (The Council) is seeking to establish a long term partnership
through the creation of a Joint Venture Development Company (JV) with a private sector
organisation or consortium to contribute to the regeneration and economic growth of the
Borough of Pendle.
It is envisaged that the Council will, where it is applicable and at the agreement of both
partners, transfer sites to the JV for development at an independently assessed value.
The initial development opportunities will be in Nelson, in particular the delivery of projects
arising from Nelson Town Deal www.nelsontowndeal.co.uk. A Town Investment Plan was
submitted in February 2021 to the Ministry of Housing, Communities and Local Government
seeking £29.9m of investment with the intention that this would lever in a further £40m
from public and private sector sources. A Heads of Terms offer for £25m has now been
received and the Council and Town Deal Board are undertaking a process of reviewing the
projects in line with the reduced funding.
It is the intention of the Council to work in partnership with the selected development
partner to identify further sites or buildings, either in the Council’s ownership, other public
sector ownership, or in private ownership, for development across the Borough over the
term of the appointment.
The Council expects that the private sector development partner in the JV will be
experienced in undertaking a range of regeneration and economic development projects and
be capable of offering full design, specification and delivery. Fundamental to the Council’s
requirements is that the development partner is capable of investing in the JV to
complement the Council’s investment and facilitate the draw down of funding, both from the
public and private sector, to provide the financial capacity for projects.
The entire term of the contract is 15 years, split into an 10 year initial period plus an option to
extend for a further period of 5 years.