Who funds URCs?
URCs are responsible for co-ordinating plans and attracting new investment through the purposeful and imaginative promotion of their areas. They require prioritisation of public sector funding over a sustained period (10-15 years), in order to attract private investment at the levels required to bring about sustainable renewal. In most cases, URCs’ operating costs are funded by the three key public sector organisations involved in them, namely the relevant Regional Development Authority (RDA), the Local Authority and Partnerships. Ilex is currently funded by The Office of the First Minister and Deputy First Minister (OFMDFM) and the Department of Social Development (DSD), under the Reinvestment and Reform Initiative.
