To approve the Market Town Investment Plan (MTIP) for each of Herefordshire’s market towns. Through local engagement each MTIP identifies the vision for the future economic development of the town together with a programme of potential projects that support the delivery of the vision. To approve next steps in the development of business projects that have been identified and prioritised by stakeholders as part of the MTIP review process in order to seek the funding from the most appropriate source.

That:

a)    The market town investment plans (MTIPs) in appendices 1 to 5 to the report are approved and adopted as providing direction for the identification of future economic development projects in the market towns;

b)    The MTIPs be used to guide the council’s capital investment in market towns, which will support the economic recovery and development of the market towns; and

c)    The Corporate Director, Economy and Environment, following consultation with the Section 151 officer and the Cabinet member for Environment and Economy is delegated authority to take all operational decisions required to implement the above recommendations.

1.             The council could decide not to approve the MTIPs. This option is not recommended due to the loss of an opportunity to both support the economic growth of the Herefordshire market towns, as well as the loss of development of employment land and potential loss to co-ordinate investment which could delay the council’s COVID-19 recovery plan and risks not meeting the objectives of the council’s County Plan.

2.             The council could decide to not take forward the development of projects identified as potentially suitable for funding. However, this is not recommended as the need for additional employment land in the market towns, identified in the Core Strategy (2011 to 2031)[1] has not been met by the market. The projects identified by local stakeholders through the development of each MTIP offer the most likely schemes to start to meet the requirement for employment land in the market towns.