'Evergreen' reserve to reap cash from land and buildings

摘要

A council hopes to reinvest capital receipts to stimulate growth and invest in development opportunities with the setting up of a new fund.Wyre Forest DC has launched an evergreen fund that will be filled by proceeds from selling land and buildings.The council's strategic review committee had previously highlighted the potential of the authority's asset portfolio. Wyre Forest will also look at alternative development opportunities,including investments that could generate new revenue streams.Council chief executive Ian Miller told The MI: 'There is not yet a penny in the evergreen fund. It will start to swell as assets are disposed of, in accordance with the resolutions agreed by cabinet and council.' The district council's financial strategy for 2014/17 read: "This will enable the council to realise the regenerative benefits of some of its vacant and underused assets, as well as securing some longer-term returns from taking a stake in development potential rather than simply disposing of sites.'