Cornwall Council will borrow an additional £107.5 million to deliver projects that will provide homes for local people, space for businesses to grow and provide jobs, and infrastructure to benefit Cornwall's residents, a meeting of full Council decided today. 

The funds – part of the Council's Investment Programme – will add to £123 million already approved, with the long term return on investment from homes and business developments helping to fund vital services for residents.

Council Leader Adam Paynter said:  "The Investment Programme will help build quality homes for local people so that we can meet our commitment to build 1,000 homes for local people by 2021. We already have developments of quality homes to buy and rent nearing completion in Tolvaddon and Bodmin with more in the pipeline for Newquay, Launceston, Torpoint and Liskeard.

"The Council will support businesses and create new jobs by developing new commercial space such as the extension to the Pool Innovation Centre. Other workspace schemes are planned for Launceston, Hayle, Newquay, St Austell, Bodmin and Falmouth, and regeneration projects in Truro and Liskeard.   

"New and improved infrastructure such as schools and healthcare facilities are also planned to support development and improve the lives of our residents."

Cornwall Council's portfolio holder for planning and the economy, Bob Egerton said: "Our aim in the longer term, is that the Investment Programme will be self-financing as new homes and business space will generate income from council tax, business rates and potentially rental income.  This income will in turn be used to fund vital services for the residents of Cornwall.

"As central government funding continues to reduce, the Council has to find ways of self-financing delivery of services. By 2020, central government funding will cease so we need to look at alternative ways of generating revenue – investment is one way of doing this."

Cornwall Council's Investment Programme was agreed in principle by members earlier this year and will see the Council borrow as much as £600 million over 10 years to deliver homes, workspace and investment opportunities.

Posted on 22 January 2019