GrIPE Cabinet Panel 6 February 2019 PROSPECTUS OVERVIEW HIFP - - PowerPoint PPT Presentation

GrIPE Cabinet Panel 6 February 2019

PROSPECTUS OVERVIEW

HIFP provides a strategic overview of existing and future issues related to infrastructure and growth to 2031

• Establish the scale and distribution of population, housing and economic growth

across Hertfordshire to 2031

• Collate a Geodatabase of existing and planned infrastructure
• Present existing and future infrastructure capacity issues
• Collate a project schedule of infrastructure required to support growth
• Estimate the scale of the capital infrastructure cost and funding by infrastructure

type

• Explore potential funding solutions

HIFP also provides:

• A resource that illustrates joint working across the county
• A basis for further engagement with infrastructure providers, adjoining authorities,

potential investors and Central Government

STUDY LIMITATIONS & PARAMETERS

• A snap-shot in time September 2018
• Builds on publicly available data and information
• AECOM datasets
• HCC & external service provider strategies and reports
• HCC COMET Model
• Local Authority Evidence Base
• Growth Parameters are based on various sources
• Population Projections to 2031: ONS SNPP (May 2018)
• Housing Supply Projections to 2031: HCC Comet Model & LPA consultation
• Employment Projections to 2031: EEFM 2018

Housing Growth Population Growth Economic Growth

HEADLINE FINDINGS: HERTFORDSHIRE 2018–2031

97,411

Homes Needed

83,530

Homes Planned

107,400

New People (+9%)

44,650

New Jobs (+6%)

SUMMARY OF INFRASTRUCTURE COSTS AND FUNDING GAPS

(This represents an estimate of capital delivery costs only and does not include the additional annual revenue requirements and maintenance costs)

Scale of Funding Challenge:

• 10% of the required funding is secured
• 27% of the required funding is expected (developer contributions/mainstream

funding)

• 63% of the required funding is not identified

Traditional Funding Sources are limited:

• HIFP sets out traditional mainstream funding sources
• HIFP explores potential from developer contributions

Alternative solutions are required to close the Gap:

• HIFP explores current and emerging funding options across each of the

infrastructure topics (continually evolving picture)

• Funding Options can be matched to portfolios of projects

INFRASTRUCTURE FUNDING

INFRASTRUCTURE FUNDING

Limited funding pot (across sources) will necessitate the need to prioritise projects Prioritisation process could score projects according to:

• Scale of Growth enabled (homes & jobs)
• Support to Strategic Areas / Corridors
• Deliverability / Attractiveness to Investors
• Social / Economic Benefits

INFRASTRUCTURE FUNDING

RECENT / NEXT STEPS & RECOMMENDATIONS

Recently

• HIPP endorsed the Prospectus – 22 November 2018
• LEP Board endorsed the Prospectus – 13 December 2018
• Hertfordshire Growth Board for support / formal endorsement – 29 January 2019
• Growth, Infrastructure, Planning & Economy (GrIPE) Cabinet Panel – 6 February 2019

Next Steps

• Present Prospectus to Leaders Group and Public Sector Leaders Group
• County-wide press release and Prospectus available on HCC website / intranet

Long Term Steps

• Each authority to publish and use as they see fit – to inform Local Plans, IDPs, CIL

schedules, S106 negotiations etc

• Conference with stakeholders and development industry
• Meeting with ministers and civil servants
• Prioritise infrastructure projects
• Commission study to project infrastructure needs to 2050

RECOMMENDATION

That GrIPE Cabinet Panel:

• Notes the Hertfordshire

Infrastructure & Funding Prospectus

• Comments on the potential next

steps and recommendations

END