LRC’s job is to define a masterplan for physical regeneration in central Leicester and then to deliver it in partnership with the public and private sector.
The company was set up in October 2001, and became operational in early 2002, in response to the Government’s Urban White Paper. It is one of 21 Urban Regeneration Companies in the UK.
Funders and partners
The LRC is a not-for-profit company, funded by Leicester City Council (LCC), East Midlands Development Agency (EMDA) and English Partnerships (EP). These influential bodies are partners in LRC and are committed to using their powers and resources to help deliver the masterplan. They are represented on the Board, which is private sector led and has a private/voluntary sector majority.
The masterplan was launched in November 2002 and LRC is now working with the public and private sectors to deliver its proposals.
Attracting potential investors
A key role of the LRC is to attract developers and investors to Leicester. It does this by procuring development opportunities in accordance with the masterplan and offering assistance and advice.
Cutting through red tape
The LRC acts as a mediator between the public and private sectors to overcome any problems that arise in the development process. This work includes assisting with planning procedures and working with public sector partners to assemble land, including use of their compulsory purchase powers.
Successes so far
The LRC has produced detailed development frameworks for each of its Key Projects. Its partners have already invested over £20 million in assembling land and ten key projects started on site early in 2006.
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