COUNCIL chiefs are looking to release another £20m to help increase investment opportunities in the borough.

Members of Darlington Borough Council will be asked to agree the renewed Capital Investment Fund plan at a meeting tonight.

The local authority has already earmarked £30m for the fund and aims to raise that total to £50m.

Councillors will hear how money from the pot has already been used to help finance joint ventures and economic regeneration initiatives which will deliver an estimated return of more £4m in profit for the authority.

Since the fund was established in November 2016 and a revised plan in February this year, the council has agreed to six schemes to gain access to the cash.

The council used £1.5m to help fund a project to build and sell houses in the Eastbourne area of Darlington; £1.5m loan to Market Asset Management to fund improvements in the town's covered market; £1.5m has been earmarked for a sports village at Darlington Mowden Park Arena; £3.14m required to purchase land on Neasham Road as part of the Darlington Farmers Auction Mart move and a £12m investment in a venture company to buy and sell houses at West Park.

A report to be presented to councillors reads: "The profits anticipated on the joint venture schemes along with the profit on the loans is over £4m as shown below and are crucial to the MTFP (medium term financial plan).

"There are however further financial benefits not captured in these figures including increased council tax and new homes bonus payments.

"The investment fund utilisation also provides for wider benefits which extend further than direct financial reward, for example the investment into Feethams house.

"The establishment of Grade A office accommodation in the town centre is seen as a significant regeneration scheme and job creation opportunity."

Looking towards future investments the council has already identified a scheme for Middleton St George which aims help deliver housing in the town. A decision will be made at a subsequent cabinet meeting.

The report reads: "Cabinet will shortly receive a detailed report relating to a development at Middleton

St George utilising the Housing Joint Venture framework to build and sell homes on the site.

"The development of the site could be up to 55 homes, the funding required for this project could be up to £5m."

The Full Council meeting takes place at the town hall at 6pm tonight.