The funding will be used to develop the disused site at Clipstone Holdings into high quality space for businesses, make huge improvements to Ollerton Town Centre, create new sports facilities in Clipstone and improve transport links to the area.
Coun David Lloyd, leader of Newark and Sherwood District Council, said: “This is a really exciting opportunity for Ollerton and Clipstone and I’m delighted to see our proposals submitted to Government.
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"These proposals will help to improve employment opportunities in Ollerton and Clipstone and will address some of our key challenges that are set out in our Local Plan and have also been identified through resident feedback.
“I would like to thank everyone that contributed to the consultation and had their say on what matters most to them for future development of their local community. I am confident that our proposals to government reflect your aspirations.
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“New office and workshop spaces in Ollerton and Clipstone will provide modern facilities for local businesses and attract businesses looking for high-quality and energy efficient space, which is great news for those who live and work in the district.
"It is also our priority to create high quality employment opportunities, offer opportunities to increase skills and improve health and wellbeing by providing the right public services and support at the right place.
"I hope that our bid, like the one for Newark, is successful and I look forward to hopefully sharing positive news with you in the future.”
Before preparing its proposals, the district council undertook a survey with residents and other key local people, including local businesses. The survey showed strong support for town centre regeneration, employment creation, better shops, improved retail and leisure offering, upskilling of the workforce, and measures to enhance wellbeing.
Ollerton and Clipstone were identified by respondents as places that are most in need of investment in the district.