Establishment of Manx Development Corporation approved by Tynwald

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The establishment of the Manx Development Corporation as an ‘arms-length’ commercial company, of which the Treasury Minister will be the nominated shareholder, has been approved by Tynwald.

 

The Treasury Minister set out plans for establishing the Manx Development Corporation, the concept of which was previously approved by Tynwald in November 2020. The Manx Development Corporation will focus on developing Government owned and unoccupied or previously developed sites, and support the transformation of urban and brownfield sites across the Island.

 

The proposals to Tynwald included the provision of a Council of Ministers sub-committee, the ‘Brownfield Regeneration Steering Group’, which will provide strategic direction for the Manx Development Corporation’s regeneration work and deliver positive outcomes in the Island’s towns through its implementation strategy, annual work programme and budget and performance metrics.

 

The recruitment of a Chairperson, two Non-Executive Directors and one Executive Board Member (Managing Director) for the Manx Development Corporation will commence shortly. These roles will be crucial to the success of the Manx Development Corporation and applications will be sought through an open recruitment process.

 

Laurence Skelly MHK, Minister for Enterprise commented:

 

‘Establishing Manx Development Corporation is an important first step for the repurposing of Government owned brownfield sites. Furthermore, it is a catalyst to realising the potential that can be achieved by unlocking a range of public and private development opportunities to enhance the appearance of our towns and contribute towards economic prosperity, alongside social and public realm benefits.’

 

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