james kennell, dr noha nasser- greenwich university
TRANSCRIPT
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Financial innovation and sustainable places – international lessons for the
Gateway
Economic Development Resource Centre
EDReC
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Need for new financial models in Gateway
EDReC
State-led growth is no longer feasible:• Changing economic and ideological climate• Cannot unlock key sites using public sector intervention and promise of capital uplift• Short-term developmenthorizons act as a brake oninvestmentHammarsby Sjostad, Stockholm, Sweden
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Financial innovation in place making - models
EDReC
• The entrepreneurial state
• New development institutions
• Spatial investment fixes
• The entrepreneurial state
• Private Investment
• New development institutions
• Spatial investment fixes
BO01, Malmo, Sweden
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Sustainability: where are the financial incentives?
EDReC
• Places, where people want to live, work and create.
• Long term financial horizons are essential
• Contemporary innovations are about securing medium-term returnsHammarsby Sjostad, Stockholm, Sweden
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The case for sustainable place-making
EDReC
• Link growth with livelihood
• Early delivery of social facilities and infrastructure
• Compact development• Integrate transport systems• Wider choice of homes
close to employment• Climate proofing; water,
energy, waste • Quality Charter for GrowthBourdeaux Tram, France
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Case Studies
EDReC
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Enterprise Zones in the US
EDReC5
•Interaction with other local economies crucial to long term sustainability
•Locational factors key
•Intangibles influence investment decisions to a greater extent than tax regimesNewark, New Jersey, USA
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Public-Private Joint Development Company:Vathorst, Amersfoort, NL
EDReC6
Vathorst, Amersfoort, The Netherlands
• JVC set up by Local Authority with consortium of landowners and developers
• Part of 10-yr VINEX programme• Housing Associations account for
45% of housing development• Land pooled • Borrowing at low rates of interest
for infrastructure repaid out of the proceeds from land sales
• Serviced plots • Clear briefs emphasise quality• Deliver 600-700 new homes a year
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A new partnership model?
EDReC
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Public-Private-Community Partnership
EDReC
• Public sector: regulatory environment and policy support
• Private sector CSR: technology, skills, managerial efficiency and investible funds
• Communities: contribute their skills and resources
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Recommendations
EDReC8
• The PPCP model has capability of overcoming institutional/financial/sustainability blockages
• Contrary to LEP – genuine partnership between public sector, third sector and a more socially-responsible private sector
• Where financial innovation has contributed to successful sustainable place-making it has relied on locational factors
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Thank you!
Dr Noha Nasser, Director – [email protected]
James Kennell, Director, [email protected]
EDReC