COMMUNITY BENEFIT FUND
We want our developments to have a positive influence on those communities in which we work, over and above the substantial jobs, training and socio-economic growth opportunities that they deliver.
As part of our Corporate and Social Responsibility (CSR) Policy, we have decided to create a Community Benefit Fund (CBF) which can be used by the local community for locally chosen initiatives.
Upon first occupation of each building on newly consented sites from 1st June 2018, a payment of 10p per sq ft of development will be made into the Fund. On a typical development of 1,500,000 sq ft this would result in a total fund of £150,000. This is over and above any mitigation measures that we must include with our developments to satisfy the requirements of the planning process.
For each fund, local stakeholders such as the local MP, Local Authorities and Parish Councils will be invited to join a Community Fund Panel who would invite bids and shortlist entrants from which the local community would be asked to choose projects to be allocated funding.
At the very heart of localism is empowering communities to make decisions which benefit their local area which is why we believe that it is essential that local people make the decision about how the money is spent.
db symmetry will also, if required and at its cost, deal with the legal, banking and constitutional arrangements to initially establish the Community Fund Panel and to secure the payments into the Community Benefit Fund.
The Community Benefit Fund in no way affects or is intended to affect the proper exercise at any time by the Council or the Secretary of State of any of their statutory powers functions or discretions in relation to the Site or otherwise. The Community Benefit Fund is not a planning consideration, but part of our CSR policy aimed at directly giving something back to the communities in which we work.