Tuesday, September 4, 2012

News: Regional Growth Fund bid shortlisted


An ambitious bid for regeneration funding from partners in the Sheffield city region has been shortlisted by a Government ministerial panel.

In June, public and private sector partners from the city region submitted a bid to support a project to improve the infrastructure around the region's Enterprise Zone (EZ) and boost investment and job creation.

The bid is from the Regional Growth Fund, the government's main source of funding for economic development and regeneration. Over 400 applications are competing for a share of £1 billion funding in the third round of the fund.

The bid is now part of a shortlist of 278 bids.

James Newman, chairman of the Local Enterprise Partnership (LEP), said: "While this is great news, it should come as no surprise, as the Sheffield City Region has every reason to be confident in its round three programme bid.

"We know that there is huge untapped potential in the City Region and this programme will demonstrate that a small amount of funding can unlock six or more times as much direct private sector investment – leading to growth and sustainable, private sector employment.

"This bid has been several months in planning and a lot of hard work has gone into getting it right – it brings together dozens of companies with robust plans for growth. This is why the LEP Board is very confident that this bid will be extremely attractive to the ministerial panel."

The bid for £38.6m is from Harworth Estates, Henry Boot Developments, Sheffield Business Park Ltd, Peel Holdings and Rotherham Investment and Development Office (RiDO) – the regeneration arm of Rotherham Council, with the support of local authorities in Bolsover, Chesterfield and Sheffield, Derbyshire County Council and the local Chambers of Commerce.

It would unlock £151.2m of direct business investment, leading to sustainable, private sector growth. It is estimated that 2,193 new private sector jobs could be created by March 2015.

One key site in the EZ is the Advanced Manufacturing Park and Waverley in Rotherham. The project would support the construction of a new improved road junction and additional ground works to accelerate development of a 280 hectare (692 acre) former UK Coal site.

In addition the project would support works to key junctions on the local strategic road network that improve access for heavy and oversized loads from the Sheffield and Rotherham EZ locations to the motorway network, thereby increasing the investment potential of the EZ for manufacturing companies.

Sheffield City Region LEP website


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