Mayday Saxonvale, a community-led not for profit, and Stories, their socially responsible development partner, have set out further details of the model they will adopt to develop the Saxonvale site in Frome.

Outlined in a report, issued to all Mendip District Council (MDC) councillors on 23rd February, the model demonstrates that by reducing the cost of external capital, the Mayday scheme can deliver for both the community of Frome and Mendip District Council (MDC).

The report states: "It is our contention that, combined with our innovative delivery model, the Mayday proposals can meet policy, deliver MDC 'best consideration' for the land and be the most economically advantageous scheme for the people of Frome and Mendip." and "Our overriding goal, at every turn, is to create long term value for the people of Frome whilst meeting the objectives of our investment partners and MDC as landowner."

Paul Oster, Mayday Saxonvale Director stated: "Our approach is centred on dramatically lowering the amount of profit that external capital makes on the development, and which would traditionally leave Mendip and Frome in the form of developer profit. This is achieved through a variety of ways, including enabling self-finish of residential properties and a community bond.

"Launching a community bond will enable local residents to invest in the future of their town centre for a fair return. This is about the community taking control and retaining wealth within our town and council. The result of this approach, to reduce external investment and its deployment, would change what is possible on the site."

Paul Clark, Director and Co-Founder, Stories said: "Stories has access to significant equity resources for the purpose of impact-led property development. We have the financial resources to purchase the site and deliver this scheme. However, our intention is to reduce the reliance on external capital, and then wherever possible replace it with local capital, in the form of a Community Bond. "This is an unapologetically ambitious plan for Saxonvale. We don't know of another community working at such a scale in the country. In Stories we have a team that is expressly focussed on doing development differently, and in the interests of people. We are asking MDC not to miss the opportunity to do the right thing for the people of Frome and engage with this proposal." The report was issued to councillors after Paul Oster, Mayday Saxonvale Director, addressed the full council at the meeting on 21st February. "I outlined to councillors how our approach to development is the most economically advantageous to both MDC and Frome, and we invited the cabinet to sit down with us to have an open discussion on a way forward for Saxonvale that benefits both MDC and Frome, now and in the long term.

"Given our approach can deliver the best outcomes for both Frome and MDC, and that Frome has made its preference for the Mayday plan clear, we see no impediment to the council comparing the alternative schemes, as suggested by Tom Killen, Conservative Party Group Leader.'

The Mayday Saxonvale outline planning application is due for determination at the March 16th Planning Meeting. This schedule follows Mayday's acceptance of an extension requested by MDC Local Planning Authority, beyond the statutory timeline of January 2022. The application was submitted in October 2021 after a pre-application process.

The report is also available on the Mayday Saxonvale website: maydaysaxonvale.co.uk/planning-application

To see Paul Oster's address of the full Mendip District Council Meeting visit: maydaysaxonvale.co.uk/media