Norfolk

Norfolk council to set up economic development company

Councils in Norfolk are planning to set up a development company to encourage economic growth.

The county council cabinet will be asked on 7 March to back a plan to set up the Norfolk Development Company (NDC) as a commercial enterprise.

The aim would be to pool land assets and cash while sharing profits according to contribution.

Council leader Derrick Murphy said: "The NDC is a way councils can unlock economic development opportunities."

The new company would draw together skills and resources in district and county councils to speed up the way new projects are agreed and implemented.

Great Yarmouth Borough Council has already agreed to participate.

Community regeneration

Mr Murphy said: "The wide range of skills available in local authorities - from project management and construction to finance and planning - can be given a commercial focus.

"The NDC would be expected to undertake commercially viable developments which would in turn help to fund other important regeneration activities that have less commercial appeal.

"In the first instance, physical regeneration will be the focus.

"In Great Yarmouth the NDC will be a natural successor to 1st East (urban regeneration company) which ceases operation at the end of March."

Cabinet will be asked to agree to the NDC in principle, with further development taken forward by the director of environment, transport and development and the cabinet member for sustainable development, he said.

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