15 January 2003
STRATEGIC INVESTMENT AND REGENERATION OF SITES (NORTHERN IRELAND) ORDER 2003 LAID AT WESTMINSTER
An important step forward in the implementation of the Reinvestment and Reform Initiative was taken yesterday with the laying of the Strategic Investment and Regeneration of Sites Order. The Order provides for the creation of a Strategic Investment Board (SIB) and empowers the Office of First Minister and Deputy First Minister (OFMDFM) to regenerate former security and military sites transferred under the Reinvestment and Reform Initiative.
The Reinvestment and Reform Initiative was announced in May last year by the Prime Minister, Chancellor of the Exchequer and the then First Minister and Deputy First Minister. Since the suspension of the Northern Ireland Assembly, Ian Pearson MP on has worked hard to ensure that progress continues with this important initiative.
The provisions of the Order were the subject of a number of consultation exercises held throughout Northern Ireland and Mr Pearson received some 15 written responses from interested organisations. He said: "I am grateful to all those who have taken the time and effort to provide valuable views. These have been fully considered and have helped us in our work in refining and developing the Order.
"I have widened the range of options available for the regeneration of sites to include the power to set up Urban Regeneration Companies in collaboration with other bodies and interested organisations. This allows an alternative approach to the Development Corporation option or direct regeneration by OFMDFM itself. In addition I have broadened the scope of the Strategic Investment Board to include not just public bodies but all bodies carrying out major investment projects."
The Minister concluded by emphasising the importance of liaising with key stakeholders in any development process.
The creation of the Strategic Investment Board will bring a highly innovative approach to managing and financing infrastructure programmes throughout Northern Ireland as well as greater expertise and management focus to the public sector. It will play a strategic role in advising the Executive on its investment strategy as well as advising and participating in the implementation of individual projects.
One of its first tasks will be to take forward work on the Strategic Investment Programme, which was announced in December in Ian Pearson’s budget speech. The Strategic Investment Programme outlines plans for potential investment of nearly £2 billion over the five year period to 2007-08, including £725 million of Public Private Partnership projects and £400 million financed by borrowing under the Reinvestment and Reform Initiative and serviced from the additional revenue raised from the rating of vacant property and the beginning of the phasing out of industrial derating.
The former military and security sites include extensive estates, which offer possibilities for significant economic and social regeneration, which will ensure community benefit.
The draft Order, Explanatory Memorandum and Memorandum and Articles of Association relating to the Strategic Investment Board can be accessed on the OFMDFM website at – www.ofmdfmni.gov.uk/rri
NOTES TO EDITORS:
- The Strategic Investment and Regeneration of Sites (Northern Ireland) Order 2003 is part of the Northern Ireland Assembly’s legislative programme that the Secretary of State announced would be progressed at Westminster.
- The legislation deals with the powers of the Strategic Investment Board. No decision has as yet been taken about the composition of the Board or its management structures.
- Further information contact OFMDFM Press Office, tel. 028 9058 8101.
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