Advising on the use of a Revolving Infrastructure Fund
The Council was embarking on a £5.25bn regeneration programme to establish itself as a major commercial destination, with an ability to attract high value jobs. They recognised that a few strategic projects were key to the whole plan and were keen to work with the private sector to get them delivered.
The Role
We were commissioned by the Council to devise and develop a Revolving Infrastructure Fund (RIF) as a means of addressing the financial constraints. Such a structure creates a more strategic approach to investing in a portfolio of projects by providing funding, finance and debt between projects.
We provided the Council with advice on:
- The strategic and operational objectives of the fund;
- The sources of funding and how these might be used;
- The structure of the fund;
- The governance of the fund; and
- The limitations of the fund.
We have completed similar projects for Cornwall County Council and Bexley Council.
Key Outcomes
Our work has provided the Council with a prospectus of worked examples. This has enabled officers, members and external stakeholder to fully understand how the RIF would work. The RIF has made its first investment in the highest profile commercial site within Croydon’s Opportunity Area.
Provided support for the Box Park development at East Croydon Station
Has been utilised to support Brick by Brick
Provides additional income to support the Council’s services
As an ambitious local authority, Croydon Council are seeking a new approach to funding growth across the borough and 31ten Consulting have made a significant contribution in defining and developing that approach. Illustrating a clear understanding of the specific risks and more general challenges faced by local government, their consultants bring fresh insight, bespoke financial modelling and thoughtful solutions tailored to our needs.
Richard Simpson
Executive Director of Resources
