Friday, November 7, 2014

News: Rotherham Growth Fund established

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Rotherham Council has set aside £75,000 towards establishing a Growth Fund to support sustainable economic growth and job creation within the Rotherham borough area.

The Council is currently working on a new Rotherham Growth Plan which sets out how Rotherham can best take advantage of the opportunities in the new economic growth cycle and address specific challenges.

A Rotherham Growth Fund will be used to support those activities and projects identified in the emerging Rotherham Growth Plan as essential to sustainably growing the economy of the borough. It will also be used to help develop bids to the various funding regimes that are becoming available from the city region and the EU.

The emerging economic plan is set to include an ambitious target of delivering 10,000 net new private sector jobs by 2025.

Some initial uses suggested for the fund include economic modelling to identify those development sites with the greatest job creation potential and the sectors to pursue, in order to maximise this impact; testing the potential economic impact on Rotherham and on the wider Sheffield City Region, of the location at Meadowhall of an interchange for the HS2 railway; further development of the concept of the Sheffield – Rotherham Economic Corridor/Innovation District, centred around the Advanced Manufacturing Park and the Sheffield Business Park; and master-planning of the Rotherham town centre and its potential developments.

The initial £75,000 is coming from the council's Rotherham Economic Regeneration Fund which in the past has been used to fund viability studies for potential development projects, business vitality grants for retailers in the town centre, and free parking schemes, also in the town centre.

Images: TCN / RMBC

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