A new era for West Lancashire Borough Council will soon begin with the formation of the authority's very own Development Company.
At its meeting on 27 February, the Council agreed for the Company to be formed and start work.
The wholly owned company to be known as Tawd Valley Developments Limited, will plan to build up to 340 homes over the next 5 years and is already working on plans to build 77 good quality homes in Skelmersdale in the next 12 months, including 48 to be retained by the Council for social housing.
The new homes will be delivered for local people building on recent successful major projects for housing such as the current Walmsley Drive development in Ormskirk.
Profits from house sales will be returned to the Council who will be the only shareholder of the Company. This will help the authority to support its priorities around being ambitious for the Borough.
The Company will also build much needed affordable rented homes which will be retained by the Council.
Councillor Ian Moran, Leader of West Lancashire Borough Council and portfolio holder for Economic Regeneration, said: "One of the Council’s top priorities is to deliver tangible improvements for the local economy by developing commercial and residential property. This would help support new and growing businesses, retain and grow jobs and increase the number of residents in the area. Tawd Valley Developments Limited will help the Council achieve that and generate income for West Lancashire including through Council Tax and Business Rates to support frontline services and more exciting projects."
Councillor Jenny Forshaw, portfolio holder for Housing and Landlord Services, said: "A key role of Tawd Valley Developments Limited will be to facilitate the building of much needed new affordable housing in West Lancashire. This will benefit people across the Borough."
Tawd Valley Developments Limited's main objectives will be to acquire and develop sites for residential and commercial development, and in addition the company will seek to: