Deferred Receipt Mechanisms Frank Sheridan Property Development Manager Glasgow City Council.

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Presentation transcript:

Deferred Receipt Mechanisms Frank Sheridan Property Development Manager Glasgow City Council.

The Vision “We want Glasgow to flourish as a modern multi-cultural, metropolitan city of opportunity, achievement, culture and sporting excellence where citizens and business thrive, and visitors are always welcome.”

City Plan – the context To rebuild economic, social and physical infrastructure. To encourage development to deliver employment, housing and an educational environment that will sustain Glasgow as a competitive city. To set both a strategic and local framework for current and future development projects and delivery programmes.

Strategic areas of focus The river corridor and Clyde Gateway. New neighbourhoods. Canal corridor. Nitshill corridor Strategic business sites.

Capital Receipts Funding for Council’s capital programme. Target for is £129 million. Poor market conditions. Development funding difficult to obtain. Where are the purchasers?

Delivery Mechanisms Development lease. Development Agreements. Partnerships.

Long Lease Provides security of tenure. Provides development obligations within a limited timescale. Provides for a ground rent, or staged payments, with profit share. Allows conversion to feu disposition. Provides for recovery of land in the event of failure.

Development Agreements Ownership is retained. Provides for an agreed development appraisal. Provides for development site drawdown. Allows flexibility in price, payment method, and profit share. Provides for individual dispositions direct to purchaser of completed property.

Partnerships Determines what each party brings to the table. Agree targets and outcomes. Agree profit share percentage. Flexible control mechanisms. Cash flow. Investment funds.

Benefits Flexible approach. Collaborative / partnership working. Finance cost savings. Development cost flexibility across multi sites. Development controls. Trust and integrity.