News: Sheffield and Rotherham Councils set to commit £800,000 to Don Valley Corridor
Sheffield and Rotherham Councils are both committing £400,000 each towards the development of a flagship place-based regeneration programme for South Yorkshire based around the Don Valley Corridor.
Rothbiz reported first last month that the region's first Mayoral Development Zone (MDZ) is proposed for a unified corridor for innovation, industry and neighbourhood renewal stretching from Sheffield city centre to the site of the proposed Rotherham Gateway Station.
Bringing together the South Yorkshire Mayoral Combined Authority (SYMCA) with Rotherham Council and Sheffield Council "creates a single front door for Government, agencies and private markets."
Cabinet approval has been secured in Rotherham for the council to commit £400,000 of its Gainshare revenue allocation for the scheme and Sheffield Council is expected to match Rotherham's £400,000.
Gainshare funding refers to the money committed to South Yorkshire through the Devolution Deal agreed by the MCA, South Yorkshire local authorities and government.
The money will go "toward programme resourcing and feasibility work for priority projects for the first three years of the programme."
Linked to the South Yorkshire Investment Zone, the programme will address transport issues (including the proposed new mainline and tram train stop at Parkgate), flood resilience and brownfield land which has been held back by contamination, low land values and viability constraints.
Investment Zone status provides South Yorkshire with up to £160m over ten years which can be used to offer investors, developers and start-ups a combination of targeted support and financial interventions to start, scale up and relocate their businesses.
Rotherham Council has already begun recruiting for a Don Valley Corridor Service Manager, who is expected to head up a new team delivering both the Don Valley Corridor partnership and Rotherham Gateway.
Advertisement
Rothbiz has previously set out the Rotherham schemes that will fall under the Don Valley Corridor, including the new mainline station, further industrial space at Templeborough and new housing at Bassingthorpe and in the town centre.
Headline figures are that, through coordinated development, the 30 year transformation will enable over 18,000 jobs and 10,500 new homes with a £1.3bn uplift in GVA.
SYMCA papers set out that the authorities will use its existing statutory powers, "in particular, its strategic economic development powers and regeneration powers, its own resources and relationships with government, infrastructure providers and the private sector, as part of an integrated place-based programme. This will provide confidence both to the market, government and the wider public sector."
The paper adds that "there is shared commitment between SYMCA, RMBC and SCC to resource the programme collectively as a shared endeavour, including programme development capacity."
A Rotherham Council paper calls it "a nationally significant regeneration programme with a dedicated governance structure, programme leadership, and a coordinated approach to funding, delivery, and investment. Without coordination, opportunities scatter across isolated projects. With it, investors see credibility, residents see genuine opportunity, and places see sustained improvement rather than episodic development."
External funding is set to come from gainshare and other devolved funding pots, including funds that support renewal, housing and infrastructure. Nationally, the programme will be positioned to engage with institutions such as Homes England and the National Wealth Fund.
The Government has already committed to providing the South Yorkshire Mayor with access to "£85m new money to support jobs and development, including in the Don Valley Corridor and Sheffield Innovation spine."
The Government's recently announced £2.3bn City Investment Fund will bring together different types of finance, deployed flexibly to accelerate projects, expand city-centre housing and office markets, and support major regeneration schemes across the North. It is expected to be used in "developing projects in the Don Valley Corridor, Sheffield city centre Innovation Spine, and Rotherham Town Centre."
A Rotherham Council paper adds: "SYMCA are currently identifying potential funding partners and exploring potential co-investment models. This approach is intended to raise the profile of Don Valley Corridor onto a national stage to leverage both public and private funding, maximising the impact and reach of the regional investment through Gainshare funding."
Don Valley Corridor website
Images: RMBC / SYMCA
Rothbiz reported first last month that the region's first Mayoral Development Zone (MDZ) is proposed for a unified corridor for innovation, industry and neighbourhood renewal stretching from Sheffield city centre to the site of the proposed Rotherham Gateway Station.
Bringing together the South Yorkshire Mayoral Combined Authority (SYMCA) with Rotherham Council and Sheffield Council "creates a single front door for Government, agencies and private markets."
Cabinet approval has been secured in Rotherham for the council to commit £400,000 of its Gainshare revenue allocation for the scheme and Sheffield Council is expected to match Rotherham's £400,000.
Gainshare funding refers to the money committed to South Yorkshire through the Devolution Deal agreed by the MCA, South Yorkshire local authorities and government.
The money will go "toward programme resourcing and feasibility work for priority projects for the first three years of the programme."
Linked to the South Yorkshire Investment Zone, the programme will address transport issues (including the proposed new mainline and tram train stop at Parkgate), flood resilience and brownfield land which has been held back by contamination, low land values and viability constraints.
Investment Zone status provides South Yorkshire with up to £160m over ten years which can be used to offer investors, developers and start-ups a combination of targeted support and financial interventions to start, scale up and relocate their businesses.
Rotherham Council has already begun recruiting for a Don Valley Corridor Service Manager, who is expected to head up a new team delivering both the Don Valley Corridor partnership and Rotherham Gateway.
Advertisement
Rothbiz has previously set out the Rotherham schemes that will fall under the Don Valley Corridor, including the new mainline station, further industrial space at Templeborough and new housing at Bassingthorpe and in the town centre.
Headline figures are that, through coordinated development, the 30 year transformation will enable over 18,000 jobs and 10,500 new homes with a £1.3bn uplift in GVA.
SYMCA papers set out that the authorities will use its existing statutory powers, "in particular, its strategic economic development powers and regeneration powers, its own resources and relationships with government, infrastructure providers and the private sector, as part of an integrated place-based programme. This will provide confidence both to the market, government and the wider public sector."
The paper adds that "there is shared commitment between SYMCA, RMBC and SCC to resource the programme collectively as a shared endeavour, including programme development capacity."
External funding is set to come from gainshare and other devolved funding pots, including funds that support renewal, housing and infrastructure. Nationally, the programme will be positioned to engage with institutions such as Homes England and the National Wealth Fund.
The Government has already committed to providing the South Yorkshire Mayor with access to "£85m new money to support jobs and development, including in the Don Valley Corridor and Sheffield Innovation spine."
The Government's recently announced £2.3bn City Investment Fund will bring together different types of finance, deployed flexibly to accelerate projects, expand city-centre housing and office markets, and support major regeneration schemes across the North. It is expected to be used in "developing projects in the Don Valley Corridor, Sheffield city centre Innovation Spine, and Rotherham Town Centre."
A Rotherham Council paper adds: "SYMCA are currently identifying potential funding partners and exploring potential co-investment models. This approach is intended to raise the profile of Don Valley Corridor onto a national stage to leverage both public and private funding, maximising the impact and reach of the regional investment through Gainshare funding."
Don Valley Corridor website
Images: RMBC / SYMCA
0 comments:
Post a Comment