Agenda item

[To receive a briefing note and a presentation on Inward Investment]. 

Briefing Note is marked: To Follow. 

The Director of Regeneration gave a presentation on the subject of Inward Investment, a copy of the slides presented are attached to the signed minutes.  He showed a short video on the Wolverhampton Investment Prospectus and spoke on the assets and opportunities within the City.  There were a lot of opportunities coming forward in the future.  Now i10 and i11 were fully let there was a need for more and better commercial office space.  They were consequently looking to develop a project known as Interchange 8. 

The Vice-Chair asked what assurances Officers were able to give that some of the projects highlighted in the presentation would come to fruition.  He referred to the West Side Project which had been presented to Scrutiny in the past, but which was no longer going ahead in the form that had been detailed. 

The Director of Regeneration with reference to West Side explained that the Council had exhausted all opportunities with the developer Urban & Civic.  The project had started with a large capital receipt due to the authority and ended up with Urban & Civic asking the Council to under write a significant amount of funding.  This was considered too much of a risk for the organisation.  The demand for a hotel had not gone away and the need to develop a new one for the City.  A new hotel would require significant investment by the authority, unless a partner could be found to develop one.

Members discussed funding arrangements for regeneration projects in Wolverhampton.  The Chair and Vice-Chair asked for an update on this matter at a future meeting. 

A Panel Member asked how the Council was going to promote diversity in the City within regeneration.  He asked about the opportunities that would be available.  The Cabinet Member for Inclusive City Economy referred to a diversity project that had been put in pace which was the glazed café.  The Art Gallery put on regular cultural events.  They would be working with providers in the sector to see what cultural events could be arranged.  Members and Officers had a detailed discussion about attracting a diversity of businesses in the City. 

A Member of the Panel remarked that there were insufficient hotels in the City.  She was aware that the Mercure Wolverhampton Goldthorn Hotel on Penn Road would soon be lost to the Supermarket Chain of Lidl.  The choices had been very limited for people to stay in the City during the Commonwealth Games Cycling Trial.  She asked if a more aggressive approach was needed to attract investment for Hotels in the City.  Her second question related to the number of people using the new train station in Wolverhampton and whether there was data monitoring the numbers passing through the station. 

The Director of Regeneration responded that when considering new hotels, the location was very important.  A City Centre location was going to be very important for the Council because that would support the Civic Halls, the Art Gallery, the University and local businesses.  There was demand for more than one hotel.  A hotel could be developed as the Local Authority or the Local Authority could work with a developer as part of a wider scheme. 

Footfall was monitored in the City and he would look into whether the train companies monitored the footfall at the station. 

The Chair stated that the efficacy of the business case for hotels in the City was critically important.  An effective business case could only be developed if the market research had been completed. 

Members praised the Investment Prospectus that had been presented.  A Member stated that Wolverhampton was part of a national and international economic macro.  It had suffered in the past when national and international circumstances had changed.  He asked if the Council would be able to continue at the pace they wanted, when taking into account the national and economic situation.

The Cabinet Member for Inclusive City Economy responded that it was a fragile economic climate.  There were however considerable opportunities which could be utilised.  He referred to the Green Innovation Corridor which would stretch from the City Centre through to IGNITE down the Stafford Road and to the Science Park.