The East Midlands is to receive a £63 million cash boost to help create jobs and encourage economic growth.
Communities Secretary Sajid Javid today that the Government cash will be given to the D2N2 Local Enterprise Partnership area - the Local Enterprise Partnership (LEP) for Derby, Derbyshire, Nottingham and Nottinghamshire – to help create jobs, build homes, raise productivity, support businesses and encourage economic growth.
The new Sherwood Forest Visitor Centre at Edwinstowe and the Sherwood Energy Village at New Ollerton could benefit from the funding.
Redeveloping town centres in Nottinghamshire, a new Science and Technology Centre at Nottingham Trent University, and renovation of two Derby College education sites supporting engineering and construction higher apprenticeships, are among around 20 projects set to benefit from the major funding between now and 2020; alongside others to improve skills and training, create jobs, build homes and improve infrastructure.
This latest award from Round Three of the Government’s Local Growth Fund (LGF) is on top of the more than £190million in LGF money previously awarded to D2N2.
In 2016 D2N2 and fellow LEPs bid into the Government’s £12billion Local Growth Fund, for investment to support locally determined projects. The competitive bidding process saw D2N2 work with business, local authority and other partners to agree strong governance; bringing forward proposals aimed at boosting growth and attracting private sector funding.
This latest £63m awarded to the D2N2 LEP could see 6,459 jobs created, 615 homes built and attract £153m in additional private sector investment over the next five years.
Communities Secretary Sajid Javid said: “This Government is backing Derbyshire and Nottinghamshire with this new £63million funding pot. Exciting projects to benefit include a new Institute of Technology in Derby and the regeneration of town centres across Nottinghamshire.
“This new funding will help create jobs, boost skills and give businesses support.”
Andrew Percy MP, Under-Secretary of State at the Department for Communities and Local Government is due to visit two potential beneficiaries of D2N2’s new LGF funding; the site of a proposed new Sherwood Forest Visitor Centre at Edwinstowe and the Sherwood Energy Village at New Ollerton.
Local Growth Minister Mr Percy added: “Our £63million boost will mean more money directly invested into Derbyshire and Nottinghamshire to fund major projects, that will create jobs and support businesses across the region.
“From creating a new centre for science and technology at Nottingham Trent University to refurbishing the Broadmarsh bus station, it will have a real impact on the lives of local people.”
Peter Richardson, Chair of the D2N2 Local Enterprise Partnership, said: “This is a significant investment in the area’s economy. In a time of still tight public spending D2N2 has been awarded almost two-thirds of the projects’ money it bid for, showing Government’s faith in what we have done with Local Growth Fund money received so far.
“D2N2’s current LGF projects include £12m for Derby’s ‘Our City, Our River’ project, £6.5m towards the £30m BioCity Nottingham extension due to open this spring (2017) (promoting a key sector), and significant investment in our Enterprise Zone. We’re also aiding local construction companies. Of the £39m D2N2 invested in 14 LGF projects in 2015/16, 64% of those contracts were delivered by contractor companies based within 20 miles of the LEP’s area.
“This latest Local Growth Fund allocation will boost skills and training, infrastructure, jobs and housing across the D2N2 area’s economy.”
Around 20 projects set to receive a slice of the £63m awarded to the D2N2 LEP area will now have to submit individual business plans for their schemes, which will then be assessed by D2N2. Money will be allocated to projects, between now and 2020, which can show clear economic and employment benefits.
Of the Government’s total £12billion Local Growth Fund, over £9billion has now been awarded to England’s Local Enterprise Partnerships through three rounds of Growth Deals, helping more than 1,000 projects get started across England; helping to build vital infrastructure, improve skills and create thousands of jobs.
Now D2N2’s latest Local Growth Fund allocation of £63m is set to do even more to benefit the lives of local people across the country.
D2N2’s latest LGF allocation is for proposed projects including:
· A Technology Campus in Derby. The funding will contribute toward renovation of two Derby College sites to create a professional campus, to support the engineering and construction industries in the local area. The campus will support a further 60 learners per year and create 150 jobs.
· A new Science and Technology Centre led by Nottingham Trent University. This will be a multi-partner development, which will integrate state of the art technology and advanced materials, to increase efficiency and support in the med-tech industry in the area.
· Support for regeneration across Nottinghamshire, in the form of smaller focused projects across town centres; concentrating on improving market areas and bringing neglected properties back into use to attract small businesses back to town centres.
· Regeneration of Nottingham city centre’s ‘Southern Gateway’. This will include towards refurbishment of the intu Broadmarsh Centre bus station and car park, the provision of a tram stop, the delivery of new retail units and public space improvements.