£1 million funding boost to move key regeneration sites forward across York
Issued by City of York Council
Cabinet Members will be asked to approve £1million funding to put in place a specialist Development Team to progress major economic regeneration projects such as York Central, British Sugar, Terry’s and Nestle, at a meeting on the 16 July 2013.
The Economic Infrastructure Fund (EIF) monies would be spread over a two year period and used to secure project based resource to work with developers and agents, dealing with demand created through the progression of these key sites and any additional sites that emerge from the Local Plan process.
Should the funding be approved by Cabinet, it would support the council’s priorities to: Create Jobs and Grow the Economy, Get York Moving, and Protect the Environment.
The report signals the intention for the council to undertake further analysis to de-risking sites financially, manage the impact of growth on transport and review and adapt the Get York Building section 106 requirements around affordable housing and ensuring sustainable development.
This work is aimed at addressing identified challenges in York surrounding a lack of appropriate commercial premises, necessary infrastructure improvements to enable a better flow of goods and services throughout the city and the supply of housing for the current and future workforce of companies locating to the city.
Cllr Alexander, leader of City of York Council said: “In order to progress key development sites in the city such as York Central, so that we might enable further economic growth, we need to invest in the right resources.
“This investment will mean we see faster progression in the regeneration of our major development sites and realising the potential resulting 13,000 jobs and £855 million spend into York’s economy.
“Government has signalled its intent to support growth projects through its £3 billion Infrastructure Fund from 2015, the work we plan to carry out before then will mean we are in the best position we can be to gain a share of this funding pot and attract inward investment from the private sector.”
The Get York Building proposals support the unlocking of key sites across the city to provide over 5,000 homes in the next five to seven years and other appropriate business opportunities as applications are received.
The EIF is a £28.5 million fund established by the council to enable projects of strategic importance to the city’s ambitions, in creating jobs and growing the economy.
To date the council has allocated a total of £16.66 million from the EIF.
This content has not been created by YorkMix but by one of our trusted news sources. YorkMix is not responsible for the accuracy of the text.