Decision details

To consider the report of the Cabinet Member for Economic Development detailing the progress on the masterplanning programme and next steps.

(i)  To approve for publication (following agreement by all Renaissance Board Members) the Southampton Renaissance Prospectus as set out in Appendix 1 to this report.

(ii)  To endorse the next steps, including promotion of the Southampton Renaissance Prospectus at a Southampton Renaissance event in February, attendance at MIPIM (Le Marché International des Professionnels de l'Immobilier) and United Kingdom Real Estate and Infrastructure Investment Forum (UK REiiiF).

(iii)  To delegate authority to the Executive Director for Growth and Prosperity following consultation with the Cabinet Member for Economic Development to approve minor amendments to the Southampton Renaissance Prospectus (‘The Prospectus’) and the publication of further documents from the Masterplan outputs.

(iv)  To delegate authority to the Executive Director for Growth and Prosperity following consultation with the Cabinet member for Economic Development, to procure and enter into contracts to appoint a Strategic Development Advisor and other contracts needed to deliver the outputs of the Southampton Renaissance Masterplan. These costs will be covered from approved budgets.

1.  Publishing The Prospectus and attending major events will help attract the investment and partnerships needed to drive regeneration and long-term growth and prosperity.

2.  Significant work has already been undertaken in collaboration with Southampton Renaissance Board and stakeholders to create a shared vision for Southampton’s future. Endorsing the Prospectus and progressing to the next stages will build on this foundation and maintain momentum in delivering Southampton’s growth ambitions.

3.  Do not support the recommendation

This option would mean Southampton City Council (SCC) does not endorse the Prospectus. While the document may continue to have the support of other Renaissance Board members, it would lack formal backing from SCC. This decision would also mean SCC would not promote the City via the prospectus document at major events such as MIPIM or UK REiiFF, or proceed with the next stages of the delivery plan for Southampton's regeneration.

Pros:

•  Allows SCC to reconsider its approach to regeneration and explore alternative strategies.

•  Minimises immediate costs associated with event attendance and further work on the delivery plan.

Cons:

•  Misses the opportunity to leverage significant work already undertaken to promote Southampton to investors.

•  Risks stalling momentum and stakeholder confidence in the City's commitment to regeneration.

4.  Partially support the recommendation

Under this option, Cabinet would endorse selected recommendations but not others. For example, Cabinet might support the Prospectus but opt not to participate in events such as MIPIM or UK REiiF.

Pros:

•  Enables progress on some elements, such as the Prospectus, while potentially saving costs by not attending regeneration events or postponing further work on the delivery plan.

Cons:

•  Risks undermining the full potential of the Prospectus by not showcasing it to key investors and stakeholders at prominent events.

•  Risks stalling progress towards a clear programme for delivery of regeneration in the City.