ISLE OF WIGHT COUNCIL REGENERATION PROGRAMME C - 9 Contents 1 SCOPE ........................................................................................................................... 7 1.1 Document purpose ............................................................................................................. 7 1.2 Structure of the document .................................................................................................. 7 1.3 Scope .................................................................................................................................. 7 2 STRATEGIC CONTEXT .................................................................................................... 9 2.1 Isle of Wight today .............................................................................................................. 9 2.2 Global and UK trends affecting the Isle of Wight ............................................................... 10 2.3 Coastal town issues in the UK ........................................................................................... 11 2.4 UK policy affecting development finance .......................................................................... 12 2.4.1. Business rate retention .................................................................................................... 12 2.4.2. New Homes Bonus ........................................................................................................... 13 2.4.3 Devolution packages ......................................................................................................... 13 3 ISLAND AND COUNCIL CONTEXT: FOUNDATION FOR GROWTH .................................... 14 3.1 The case for change: IoW Corporate Strategy and resources ............................................. 14 3.2 Economic Development .................................................................................................... 14 3.2.1 Economic performance ..................................................................................................... 14 3.2.2 Tourism, industry, construction and commercial investment market .............................. 15 3.2.3 Education, employment and skills ..................................................................................... 17 3.3 Transport and Infrastructure ............................................................................................. 18 3.3.1 Island connectivity ............................................................................................................. 18 3.3.2 The implications of growth on infrastructure ................................................................... 18 3.3.3 Issues and opportunities for improvement ....................................................................... 19 3.3.4 The Solent Strategic Transport Investment Plan ............................................................... 21 3.3.5 Infrastructure Transport Task Force .................................................................................. 22 3.3.5 Sustainable Transport Programme .................................................................................... 22 3.4 Housing ............................................................................................................................. 23 3.4.1 Current housing market .................................................................................................... 23 3.4.2 Housing growth and demand ............................................................................................ 23 3.4.3 Housing delivery ................................................................................................................ 24 3.4.4 Specialist housing .............................................................................................................. 25 3.5 Land and assets ................................................................................................................. 26 3.4.1 Council owned land and assets ......................................................................................... 26 3.4.2 One Public Estate .............................................................................................................. 26 3.6 Financial strategy and funding sources .............................................................................. 27 3.6.1 Summary of financial pressures ........................................................................................ 27 3.6.2 Revised Medium Term Financial Strategy 2017/18 – 2020/2021 ..................................... 28 3.6.3 Access to central government funding .............................................................................. 29 1 C - 10 4 OPPORTUNITY AREAS .................................................................................................. 30 4.1 Newport ........................................................................................................................... 30 4.1.1 Introduction to the Newport Opportunity Area ................................................................ 30 4.1.2 Opportunities and constraints ........................................................................................... 30 4.1.3 Vision for the Newport area .............................................................................................. 32 4.1.4 Recommended regeneration strategy for Newport .......................................................... 32 4.1.5 Strategic development sites .............................................................................................. 33 4.2 Ryde ................................................................................................................................. 37 4.2.1 Introduction to the Ryde Opportunity Area ...................................................................... 37 4.2.2 Opportunities and constraints ........................................................................................... 37 4.2.3 Vision for the Ryde area .................................................................................................... 39 4.2.4 Recommended regeneration strategy for Ryde ................................................................ 39 4.2.5 Strategic development sites .............................................................................................. 41 4.3 The Bay ............................................................................................................................. 44 4.3.1 Introduction to The Bay Opportunity Area ........................................................................ 44 4.3.2 Opportunities and constraints ........................................................................................... 45 4.3.3 Vision for The Bay area ...................................................................................................... 46 4.3.4 Recommended regeneration strategy for The Bay ........................................................... 46 4.3.5 Strategic development sites .............................................................................................. 47 5 SETTING UP THE REGENERATION PROGRAMME .......................................................... 50 5.1 Intelligent client function .................................................................................................. 50 5.1.1 Partnership and stakeholder management ....................................................................... 51 5.1.2 Compelling vision and consensus ...................................................................................... 52 5.1.3 Guiding principles .............................................................................................................. 52 5.1.4 Creating value through design and product development ................................................ 53 5.1.5 ‘Great Estates’ long-term approach to asset management .............................................. 53 5.1.6 Brand ................................................................................................................................. 54 5.1.7 Define the value each project will bring at an early stage ................................................ 54 5.2 Project controls (contract management, cost, time, risk) .................................................. 55 5.2.1 Evidence-based approach ................................................................................................. 55 5.2.2 Programme Management Office with a relentless focus on the progression of projects . 55 5.2.3 Developing Business Cases ................................................................................................ 56 6 REGENERATION PROGRAMME RESOURCE AND ACTION PLAN ..................................... 58 6.1 Next stage action plan ...................................................................................................... 58 6.1.1 Secure the mandate and evolve governance arrangements ............................................. 58 6.1.2 Set up the programme ...................................................................................................... 59 6.1.3 Initiate priority strategic projects ...................................................................................... 59 2 C - 11 Executive summary In August 2016 Isle of Wight Council (IWC), with support from the Local Government Association (LGA), commissioned Inner Circle Consulting (ICC) to help