local authority finance

 

London Borough of Croydon

A Revolving Infrastructure Fund

 

Croydon RIFThe Assignment

The Council recently commissioned a study to look at the strategic sites within the borough. Through the use of detailed appraisals the study assessed the viability of each of the sites and looked to identify potential barriers to bringing them forward.


The Council recognises that the delivery of these strategic sites is key to its plans for a successful and vibrant borough and is keen to work with the private sector to, where necessary unblock and enable their delivery.


One potential way of addressing these constraints is to establish a Revolving Infrastructure Fund. A fund of this nature could, over a period of time, provide funding, finance, debt, skills and resources to a portfolio of projects across the area, whilst ensuring a more strategic and joined up approach to investment.


Our Role

31ten Consulting provided the Council with advice regarding the workings of the RIF, including:
• The strategic and operational objectives of the fund – what is the funding trying to achieve?;
• The operational aspects of the fund – what resources are available to the fund and how might these be best used?;
• The potential structures that the fund might use to meet its operational and strategic objectives?;
• Proposals for the governance of the fund; and
• The limitations of the fund – what can and can’t the fund achieve?


Key Outcomes

Our work has provided the Council with a prospectus with worked examples that officers, members and external stakeholder will be able to fully understand where and how the RIF would operate.
The RIF is making its first investment into the highest profile commercial site within Croydon’s Opportunity Area. Its success in both the short and long term is critical to the long term viability of Croydon as a major commercial destination, the ability to attract high value jobs to the borough, and Croydon’s identity as a destination.