The East Midlands Combined County Authority (EMCCA) is set to approve and allocate up to £9.5million in funding to local projects that will help support economic growth for the region.
The money comes from EMCCA’s Investment fund and the authority has worked with partners to look at projects that can make an impact in the region, that do important work to invest in homes, jobs, manufacturing, clean energy creation and greener spaces.
The funding is set to be discussed and approved on Monday 16 December at EMCCA Board meeting in Mansfield.
This batch of funding is set to go to these projects if approved at Board:
Up to £1.5 million for the SDGZ to help to facilitate new junction on the A50 Trunk Road which would enable plans to build 4,500 homes (with Garden Village status) and 3.45 million square feet of commercial floorspace, plus supporting infrastructure including a secondary school.
Up to £3 million to move delivery forward for the Trent Clean Energy Supercluster, which centres on three former coal-fired Power Stations located alongside the River Trent: West Burton, High Marnham and Cottam, all in Bassetlaw. The West Burton power station site in North Nottinghamshire will be home to the ground-breaking STEP prototype fusion energy plant. Fusion promises to be a safe, low carbon and sustainable part of the world’s energy supply with potential to help sustain net zero in the future.
Up to £3.75 million for Derby City transform priority areas to create a vibrant, sustainable, and accessible urban quarter. The funding will enable the wider project work to revitalise historic buildings, enhanced transport infrastructure, create new homes and improve public realm.
Up to £3.392 million for Broad Marsh in Nottingham to carry out demolition of part of the frame on the land near to the newly opened Green Heart. This will be an important step in helping to bring forward work on Broad Marsh which will, when complete, 1,600 homes and creating just over 2,000 jobs, whilst providing a wide range of facilities, entertainment, and attractions.
Up to £1.5 million for a Research and & Development Facility within EMCCA’s Investment Zone to support advanced manufacturing and nuclear sectors. The project will provide services, facility hire and collaborative space to attract new supply chain businesses and inward investment. The funding from the Investment Fund will be used to repurpose existing space available on the Investment Zone site to enable the delivery of new research and development activities which would mean more jobs created.
Up to £1 million for The Avenue (Wingerworth), which continues the delivery of one of the most ambitious and effective remediation projects ever undertaken in the UK. The Avenue has been transformed from one of the most polluted sites in Europe to a mixed-use development of sports pitches, nature reserve, housing development. This funding will go towards creating a southern access to the sites to deliver improved access for vehicles and pedestrians and enable future development.
Mayor of the East Midlands, Claire Ward said: “These projects have been chosen for funding this year because their delivery will help boost the region’s economy. They will create jobs, help towards building homes, boosting local businesses and manufacturing and produce cleaner energy.
“We want to support and enable them to continue their work and help us towards achieving our vision for an East Midlands full of opportunities, from having good jobs, quality education, and thriving local economies.
“We want to invest in vital projects, we can’t achieve the vision on our own, we need to work with partners across the region to invest in the right projects, projects that will make a real difference and this funding is just the start for the East Midlands.”
Councillor Neghat Khan, Leader of Nottingham City Council and Executive Member for Strategic Regeneration, Transport and Communications, said: “This is key funding that the city has bid for to accelerate our ambitious plans for Broad Marsh.
“If we secure the grant at EMCAA’s board meeting next week, this will be a great example of partnership working between the new Regional Mayor and Nottingham City Council, delivering on projects which provide huge benefits to Nottingham and our residents.
“This would help us continue our progress on the Broad Marsh masterplan to transform a key part of the city centre following on from the recent opening of the Green Heart.
“The funding would allow us to bring forward selective enabling-demolition of part of the remaining old shopping centre structure. which is good news for the city and continues our regeneration plans in this part of Nottingham.”
Councillor Julie Leigh, Leader of Bassetlaw District Council said: “I am delighted that the Combined Authority is looking to support the transition of the three former coal fired power station sites in Bassetlaw into a clean energy supercluster. With West Burton already chosen as the home for the STEP prototype fusion energy plant, it is vital that we seize this opportunity to unlock the massive potential of the power station sites.
“This aligns with our ambitious Vision2040 which sets out our aim for Bassetlaw to become the greenest, most sustainable district in which to live and work, building on its legacy of energy production, manufacturing and logistics to power the net zero economy.”
EMCCA set out its initial strategic objectives for the region in the initial Strategic & Investment Framework. This sets out the vision for the region and 10 key objectives for growing the region.
EMCCA has since commissioned the development of a long-term regional strategy – the East Midlands Inclusive Growth Strategy, which will guide how EMCCA invests a £4 billion funding pot to help drive a thriving economy across Derby and Derbyshire, Nottingham and Nottinghamshire.
This strategy is being overseen by the Inclusive Growth Commission, which will set out a ten-year plan for the improvement in the economic, social, health and environmental conditions in the region. They will spend the coming few months talking to communities, businesses, councils and major regional institutions to find out what people think about the region and its potential.
You can watch this item being discussed at EMCCA Board on Monday 16 December at 11am here.
Published on: 11 December 2024
Categories: News, Economic Development