The creation of a new ‘arms-length’ state owned company, with the Treasury Minister as the nominated shareholder, has been approved by Tynwald.
Treasury Minister Alf Cannan sought to establish the ‘Manx Development Corporation’, after Tynwald backed the concept last November.
The Manx Development Corporation will focus on developing gov owned and unoccupied sites such as Summerland, Park Road school, Victoria Road prison and many more, as well as supporting the transformation of urban and brownfield sites across the island.
The proposals to Tynwald included the provision of a Council of Ministers sub-committee, the ‘Brownfield Regeneration Steering Group’, which will provide strategic direction for the Manx Development Corporation’s regeneration work and deliver positive outcomes in the island’s towns through its implementation strategy, annual work programme and budget and performance metrics.
Enterprise Minister Laurence Skelly said: ‘Establishing Manx Development Corporation is an important first step for the repurposing of Government owned brownfield sites. Furthermore, it is a catalyst to realising the potential that can be achieved by unlocking a range of public and private development opportunities to enhance the appearance of our towns and contribute towards economic prosperity, alongside social and public realm benefits.’
The recruitment of a Chairperson, two Non-Executive Directors and one Executive Board Member (Managing Director) for the Manx Development Corporation will commence shortly. These roles will be crucial to the success of the Manx Development Corporation and applications will be sought through an open recruitment process.