Campsies Centre (Cumbernauld) Ltd is to be dissolved and its assets ring-fenced for the benefit of the town.
The decision was based on a review examining the background to the company and its activities over the years.
Review findings were considered by the Board of Directors and approved by North Lanarkshire Council.
At December 31, 2017, Campsies Centre (Cumbernauld) Ltd (CCCL) had net assets of £3.2 million which will be transferred to the council and a process agreed for deciding how to use the assets for the good of Cumbernauld.
Convener of the council’s infrastructure committee, Councillor Michael McPake, said: “Campsies Centre has delivered on its key objectives of helping regenerate the town, and since 1995 has contributed to a number of projects including the development of the Antonine Centre, the Tummel Way bridge replacement, creation of Arria, Cumbernauld 10k, the town centre external signage programme and environmental improvements.
“The ALEOs (Arms’ Length External Organisations) and External Bodies’ Monitoring Sub-Committee has carried out a comprehensive review of CCCL’s activities and options appraisal exercise to consider its future organisation, reflecting the changing needs and aspirations of the community in Cumbernauld, in line with the long-term objectives of the council.
“The consensus from the review was to disband CCCL but retain the assets and continue to use them to invest in regenerating the town.
“I would like to thank everyone, past and present, who has contributed to the achievements of Campsies Centre and has worked to improve the town for its residents,” he added.
The decision to dissolve CCCL was approved by the ALEOs and External Bodies’ Monitoring Sub-Committee and then by the infrastructure committee on May 2.
Before local government reorganisation, the redevelopment of Cumbernauld town centre was managed by Cumbernauld Development Corporation.
It provided funds for demolitions, to re-route or close roads, build new bus stances and car parks, and build a retail development.
These funds were placed within a wholly owned subsidiary company of the corporation in August 1995, and in 1996 the name of the company was changed to The Campsies Centre (Cumbernauld) Ltd. Ownership of CCCL was transferred to North Lanarkshire Council later that year.