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The HISTORY of REDDITCH New Town

and the subsequent high cost of motoring, nevertheless the network has provided drivers
and pedestrians alike with an exceptional level of segregation and safety, without
congestion.

Our endeavours have not been without some criticism and a view often expressed that
the road system is unintelligible to the residents and visitors alike has been a continuing
disappointment. These criticisms are less frequent now that comprehensive road signing
works are complete.

It is hoped that the care with which the Corporation planned, created and maintained
planting and open spaces will be treated with the same importance and priority in the
future. so that the town's unique environment can be exploited to the full. This will require
not only the resources but the will of the Town.

Perhaps one of the greatest contributions that Redditch has made to physical planning
is the emphasis given to the land use distribution specifically organised around public
transport. The exclusive bus routes and related innovations have been a great success
in the new neighbourhoods, and provide not only an excellent service, but also a profitable
one. Thanks are due in part to the open-minded approach of the Midland Red Bus
Company, but it was only through the Corporation's determination that such an
experiment could be ventured.
In the financial sphere and very early in the development programme, new ground was
broken for New Towns in pioneering the concept of lease-leaseback funding. By this
means the Corporation has enabled public design and management to hold partnership
with private financing. The Kingfisher Shopping Centre in the town centre has shown how
excellent and extensive projects can be carried out by limited inputs of public expenditure.

The Corporation has been an active proponent of land disposal to private developers by
the means of licences to build on Development Corporation land, rather than on the more
common practice of freehold disposal. This enables greater control over the type and
character of development, over the phasing and over subsequent changes to proposals,
but it also assists developers of private housing in terms of cash flow.

Perhaps of greatest significance in winding up the new town has been the assembly of a
marketable package of all the remaining Corporation assets. The Corporation was
encouraged by the reaction of the "market" and the number of bids received.

The innovation of this approach to disengagement attracted the interest of both the
national and international press. Having pursued the deal with two firm bidders, the
Corporation was naturally disappointed not to ultimately receive Government approval
to the sale.

The vagaries of interest rates have inevitably played havoc with the viability of the town
in financial terms, though in the early 1970s it was likely that break-even was to be
achieved in 1981. The disposal of assets, not always at the most propitious time, together
with the high interest rates of the late '70s and '80s, have resulted in a less balanced
financial position than would have been hoped.

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