Six local projects have been given the go ahead to receive a share of £8.7million of the ‘Growing Places Fund’ (GPF) loan scheme, which could see up to 3,750 new houses and over 5,000 new jobs created.
The GPF was put in place by the Government to assist transport and infrastructure projects that will boost the local economy.
GPF loans are allocated through the Leicester and Leicestershire Enterprise Partnership (LLEP) to schemes that will accelerate the building of homes, office and commercial development space.
Nearly £4.5million was allocated during the first round of GPF with five schemes, at varying stages of development, already benefitting from the finance.
The six, second-round schemes to receive GPF are:
• Junction and road improvements at Bardon Grange near Coalville, releasing access for a 3,500 housing development (including 700 affordable homes) and at least 20 hectares of employment land set to create 3,000 direct jobs and up to 60 new apprenticeships. (£1.6million)
• Junction Improvements to the Flagstaff roundabout on the A42 to support growth in North West Leicestershire (£150,000)
• A 32,000 sqft bespoke transport-centric research and development facility at MIRA Technology Park Enterprise Zone. It will part-fund an office, innovation and laboratory space which will create around 200 jobs (forming part of the overall 87hectare Enterprise Zone development which is set to deliver more than 2,000 jobs and £300m private sector investment.) (£4million)
• On-site road improvements at Optimus Point Business Park in Glenfield, that will deliver around 111,000sqm of employment space, creating around 2,000 jobs, a district community centre and 250 homes (including 65 affordable homes) (£1.6million)
• Remediation, levelling and infrastructure work at Melton Mowbray Business Park to open up the site for commercial development and potentially creating over 500 jobs (£957,000)
• Assistance to provide superfast broadband at MIRA Technology Park Enterprise Zone which will enable the development of £1.75M ft2 of research and development space for the transport sector. (£455,000)
John Edmond, vice-chair of the LLEP said, “GPF allows infrastructure developments to go ahead, unlocking potential developments across the city and county and creating much needed jobs that will boost our economy. As a loan scheme, the money will be repaid over a period of time, so it can be re-invested in future schemes.
“The LLEP is keen to ensure that the GPF is allocated in the best possible way and a stringent due diligence process takes place to guarantee that this happens.
“This has been recognised on a national level through a recent commendation by Mark Prisk, Minister for Housing, for making best use of the GPF and acknowledging the good progress being made in supporting a number of valuable projects.”
