As a result, Councillors have agreed to work closely with Riverside Inverclyde's Board and develop a greater joint working with the Council-run economic development service.
An agreement was also reached to amend governance arrangements to ensure that Riverside Inverclyde and economic development plans are reported to the Council's environment and regeneration committee as well as the Riverside Inverclyde Board to ensure clear partner oversight.
The review comes at the mid-point of the regeneration company's 10-year project designed to deliver regeneration and business development projects across Inverclyde.
Established in 2006, Riverside Inverclyde received funding from Inverclyde Council, The Scottish Government and Scottish Enterprise with an overall budget of £93m and an expectation that a further £300m of private sector investment would be leveraged into the area.
The midterm review by external consultants outlined that £59m of public funds has been invested since 2006 by the arm's length company and that the overall conclusion is 'some good progress so far, but room for improvement'.
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Areas of particular strength include the upgrading of the overall appearance of the A8 corridor and the river front. The development of Riverside Business Park, enhancements to the appearance of James Watt Dock and improvements to parts of Greenock and Port Glasgow town centres were all highlighted by the consultants examining Riverside Inverclyde. The downside recognised in the report has been the lack of economic return in terms of new jobs and wealth into the area, though the prolonged recession and its impact on the economy is highlighted as a factor.
Inverclyde's Environment and Regeneration Convener, Councillor Michael McCormick, said: "Half time is the time managers will take a look at what's working well and what needs changed. This mid-term review gives all of the partners a chance to take stock and see what's working well and what areas we need to change.
"It's clear that in some areas Riverside Inverclyde has worked well and also that we've faced some tough economic conditions. We now wish to focus on delivering a single regeneration and economic development operating plan geared towards the opportunities and financial picture we face today. That way we can make sure that we work together to maximise the impact of our work."
The recommendations from the Council include:
- The Riverside Inverclyde board is retained but discussions would take place on the exact composition
- A two-year Inverclyde regeneration operating plan will be created jointly by Riverside Inverclyde and Inverclyde Council
- Staff will work more closely together between Riverside Inverclyde and the Council's economic development service
- The management structure of Riverside Inverclyde would be reviewed
- A common monitoring and review process would be implemented.
(JP/MH)
