How will it work?

St Clements Bow CIC will not undertake the development works. This would be provided by the HCA’s chosen development partners. The CIC will be responsible for the community elements of the scheme, including the community maintained heritage centre and community facilities, and the maintenance of the site’s historic public realm.

Subject to detailed feasibility and the sourcing of start-up funding, the idea is that the CIC would set up its own estate maintenance, repair and gardening companies, as business start-ups, thus ensuring local community control and employment.

Residents of the completed scheme would become ‘A’ share-holding owners in St Clements Bow CIC, thus effectively controlling the maintenance and appearance of the whole estate. Residents and businesses in the surrounding neighbourhood would be invited to subscribe to ‘B’ shares, giving them the right to be consulted and to participate in the running and management of the St Clements Heritage Centre.