Torbay Council is hoping to support town centres, create more jobs and build more affordable homes by setting up a £100m growth fund.
The economic regeneration, outlined in the Torbay Economic Growth Fund, is to be considered by the council's cabinet, Devon Live reported.
The fund would use money borrowed at a discount rate from the Government for capital projects, and repayments would come from income from the developments.
A report to a meeting of the cabinet on Tuesday, July 9, recommended action on a series of priority schemes for the proposed Torbay Economic Growth Fund.
They include the regeneration of Union Street, Torquay, and Brixham town centre car park; building homes at Victoria Square, Paignton; developing Torbay Business Park, Paignton; and creating more workspaces at Lymington Road, Torquay.
The report suggests setting up a business growth programme so the council can make local commercial investments through loans or shares, and supporting activity to improve opportunities in the digital, environmental and health care sectors.
It says funds would be allocated for projects after a business case has been approved by the council’s cabinet.
Projects would be brought forward by TDA, formerly the Torbay Development Agency, a company owned by the council which carries out its economic development function.
Investment in local regeneration was highlighted as one of the key objectives of the new partnership of Liberal Democrats and Independents who took control of the council after the elections in May, leaving the Conservatives in opposition.
Meanwhile the cabinet will consider increasing the council’s separate investment fund by £100m to £300m.
The aim is to increase the council's annual income from the fund which is spent on services to an estimated £5m.
The fund set up by the previous council has been used for commercial investments paid for by borrowing to generate extra income for the council from a surplus.
It proved controversial with critics questioning why the authority was investing in developments outside its area, including a pasty factory in Cornwall and an Amazon warehouse near Exeter.
To read the full report, click here to visit Devon Live.
