From Louise Raymond, Exeter 383578, November 28, 2007

A multi-million pound investment proposal to improve the lives of Devon's people has been given the go-ahead by Devon County Council's Executive.

The cash windfall has come from the highly lucrative sale of Exeter Airport in January this year. From the original £60m received, £12m was used to pay off existing borrowings against investments the Council had made in improvements to the airport.

The Executive have signed off a proposal to invest the remaining £48 million into six special funds, created specifically to improve the lives of people of all ages, across the whole of Devon.

One of the key aims of the projects is to realise the Council's aim to be the greenest authority in the country.

A Local Projects Fund of £1.55 million will support smaller projects which can make a significant difference to towns and villages in Devon. This will enhance the support that Devon County Councillors already give to projects in their local areas through the County Committee fund, which allows them £10,000 each year for one-off grants for community activities. The Local Projects Fund will allow them to bid for up to £25,000 for a project, together with the facility to club together for larger projects.

Four further funds consisting of £5million each will also be created:

A Green Fund, to promote carbon reduction and environmental projects;

A Community Fund, to develop provision for young people, older people, community centres and library enhancements.

An Economic Development Fund, for projects to develop the Devon economy;

A Schools Estate Development Fund, to support schools projects which are unable to be developed as part of the named Capital Programme;

A Major Projects/Programmes Fund, will also be established for projects of very significant importance to Devon, which meet several of the Council's strategic priorities. This fund will cover the remaining £26.5million.

Council Leader Brian Greenslade said: "This is a really momentous decision and a super opportunity to have a highly significant and positive impact on people all across Devon.

"This investment will enable us to deliver many more services and projects right at the heart of local communities, where they most need it, in a way that will enable them to have a major say on how they are shaped and see for themselves how their money is being invested.

"We are investing a significant amount of this receipt on continuing to make Devon greener. This is clearly a priority both for the Council and for Devon's residents. This money will give us an opportunity to build on existing projects and undertake new initiatives to bring down our carbon footprint and preserve the beautiful county in which we live.

"We will look at how we can improve opportunities and facilities for both young people and older people, through sports and leisure facilities, community facilities and supporting local amenities such as libraries and public transport.

"Devon's economy as a whole will be given a boost, through regeneration and business development projects, and schools will benefit from the replacement of old buildings and from new facilities such as sports halls.

"A final, separate fund will enable us to develop significant projects which will have a big impact on Devon and which will enable us to meet our strategic priorities.

"This decision has provided a way forward in terms of process, structure and themes, and we have not made any decisions about specific projects at this stage. However, all of these funds will be rigorously monitored, and projects will need to meet a strict set of criteria. We are committed to ensuring Devon taxpayers' money goes on only the highest quality projects and is spent in a way that provides best value and achieve a lasting and sustainable benefit for our county."

The projects will be delivered over a three year period to maximise the investment whilst also achieving a substantial income.

Priority will be given to projects that can attract match funding and reduce future revenue costs and/or carbon emissions.

The projects would have to fit in with Devon County Council's strategic priorities:

* giving Devon's children and young people the best possible start in life

* strengthening Devon's economy

* celebrating Devon's culture

* improving Devon's environment

* promoting independence and choice for Devon's adults

* making Devon greener

Ends