Councillor Mark Lowry (Cabinet Member for Finance) introduced the report and highlighted:

a)    The report set out the administration’s new vigour to deliver a better city centre for residents, businesses and visitors to Plymouth;

b)    There were approximately 18,000 jobs in the city centre and the area contributed and estimated economic value to Plymouth’s economy of £700 million per annum;

c)    City centres in similar places to Plymouth had far more people residing within their city centres and there was considerable opportunity in Plymouth to increase this;

d)    There were projects totalling £250 million in the pipleline with a potential further £700 million and Plymouth had a track record of successfully delivering projects;

e)    The report set out a new strategy and structure to achieve positive progress in the city centre of Plymouth;

f)     The establishment of the proposed Boards would support the future growth and regeneration of the city centre.

Anthony Payne (Strategic Director for Place) added:

g)    There were significant opportunities and challenges within the city centre;

h)    There had been approximately £300 million worth of investment in the city centre over the previous 5 years;

i)     The structures were being put in place to ensure opportunities were taken forward even in a challenging economic environment.

The Cabinet agreed to:

1.    Note the report and agree to the establishment of the structures set out in section three of the report;

2.    Delegate authority to agree the terms of reference of the proposed Boards to the Cabinet member with responsibility for the city centre and the Strategic Director for Place.