local authority finance

Milton Keynes

The RegenerationMK Programme


Milton KeynesThe Assignment

Milton Keynes is on the whole an affluent and incredibly vibrant City. However, it is also home to 16 estates classified on national scales as being significantly deprived. Chris Shepherd, one of our Directors, was procured as a partner through the RegenerationMK programme to help arrest and reverse this cycle of neighbourhood decline through the establishing and delivery of a robust asset management strategy for the Council's housing portfolio that will:
• Combine the expertise and experiences of public and private sectors to determine a long term asset management approach on retained housing that will allow investment to be targeted more effectively, reducing the current backlog of £100m and allowing finite budgets to increasingly focus on planned rather than reactive works;
• Ensure that the management and maintenance of MKC's stock is delivered to achieve very high levels of resident satisfaction;
• Jointly develop a robust methodology to determine those properties that are no longer economically sustainable or fit-for-purpose, and effectively integrate these into a wider development/regeneration programme;
• Create an environment where public and private sectors can work jointly or independently to identify, develop and subsequently deliver regeneration activities in the most effective manner; and
• Use the scope of activities within the RegenerationMK programme to advance social and economic regeneration with a specific focus on the neighbourhoods themselves.


Our Role

Chris led on the financial aspects of the procurement and selection of a private sector partner, including:
• Drafting key financial procurement documents;
• Assessing bidders returns at PQQ, ITSD, and ITFT;
• Providing the Council with financial models and appraisals to assess development opportunities within the City;
• Leading on the financial dialogue with potential bidders;
• Providing client briefing relating to impending changes in legislation, innovative models within the sector and other wider considerations for the scheme; and
• Supporting officers in briefing members on RegenerationMK.


Key Outcomes

This assignment is on-going but the Council is currently assessing final bids with view to selecting a preferred bidder to take through to financial close (May 2015).