Bolsover District Council has agreed to formally establish a wholly owned development company, to help provide regeneration and new housing.
The company, called Dragonfly Development, will provide an income stream from housing, commercial and regeneration activities across the District to help fund the Council’s ambitions and the key challenges it faces.
Deputy leader, Councillor Duncan McGregor said: “Let’s not beat about the bush here, government funding is reducing all the time, so we have to come up with ways of generating more income if the Council is to survive and we are to continue with our ambitions and improve the services we provide.
“Our district is growing and everyone deserves the chance to live in a safe, secure, modern and efficient property. So, if we are in control of building these properties through Dragonfly Development, this will enable us to formulate business cases for each project and provide new homes for areas that need them and for people living in that community.”
The Council decided to set up the company after it had previously took quick and decisive action by agreeing to take on the current constructions projects at Whaley Thorns, Creswell, Langwith and Shirebrook after the collapse of its preferred building contractor Robert Woodhead Ltd.
A full business case on the new company was commissioned from Sharpe Pritchard (Public Sector Lawyers) and councillors had the opportunity to ask questions at two separate presentations. The business case shows Dragonfly to be a viable proposition, which will generate income over the proposed 30-year period of the plan.
Councillor McGregor added: “So, rather than a construction company making a profit on our regeneration and house-building schemes, Dragonfly Development will allow us to take this profit and re-invest it back into our services and District for the benefit of our residents.”
