The establishment of the Manx Development Corporation [MDC] has been approved by Tynwald.

The concept of the ’arm’s-length’ commercial company, of which Treasury Minister Alfred Cannan will be nominated shareholder, was approved by Tynwald in November.

Mr Cannan set out plans for establishing the MDC, which will focus on developing government-owned and unoccupied or previously developed sites, and support the transformation of urban and brownfield sites across the island.

Brownfield sites are those which have been developed on in the past, but are not currently in use.

The proposals to Tynwald included the provision of a Council of Ministers sub-committee, the Brownfield Regeneration Steering Group, which will direct the MDC’s regeneration work.

The government said that the steering group would produce ’positive outcomes in the island’s towns through its implementation strategy, annual work programme and budget and performance metrics’.

The recruitment of a chairperson, two non-executive directors and one managing [executive] director for the MDC will begin shortly.

Applications will be sought through an open recruitment process.

Minister for Enterprise Laurence Skelly said: ’Establishing the Manx Development Corporation is an important first step for the repurposing of government-owned brownfield sites.

’Furthermore, it is a catalyst to realising the potential that can be achieved by unlocking a range of public and private development opportunities to enhance the appearance of our towns and contribute towards the island’s economic prosperity, alongside social and public realm benefits.’