Hinckley Crescent - update
To provide an update on the Crescent.
Minutes:
Members were updated on the Crescent development including the background, positive economic impacts and outcomes and current letting position. During presentation and discussion, the following points were raised:
· Smaller units had been easier to let than the larger ones
· The number of other businesses attracted to the area due to the Crescent which also increased income from business rates
· The difficulty in calculating the specific financial return on investment due to many factors including the approved objectives for the scheme and that the financing of the project and loan was not directly linked as the loan also supported some of the expenditure on the leisure centre project being developed at the same time
· The need to consider the success of the project against the council’s initial ambitions and objectives for the site which were to transform and regenerate the former run down bus station area, improve the retail and leisure shopping offer and physical environment of this key gateway area in the town and to generate new jobs.
The Executive member agreed to arrange for a breakdown of costs and return on investment to be sent to members.