Posts tagged Urban Enterprise Zone
Communities Secretary Eric Pickles has announced to increase the Government’s infrastructure investment in enterprise zones by £100 million that will create thousands of local jobs in the trades.
The investment package will help the thirteen enterprise zones to receive more money for 18 projects to build new service roads, car parking and other infrastructure, transforming ‘shovel ready sites into job ready sites’.
The fund, originally £60 million, is designed to help zones reach their real growth potential faster as economic engine rooms of local economies. Following a competitive bidding process the successful proposals will now undergo further testing to ensure value for money for the taxpayer.
Enterprise zones have already created 3,000 new jobs, attracted 126 businesses, generated 105,000 square metres of new commercial floorspace and secured almost £229 million of extra private sector investment.
In addition to this, 5 enterprise zones are also receiving £24 million to tackle traffic bottlenecks and road congestion near their site through Department for Transport funding.
Eric Pickles said: “Enterprise zones are stimulating job creation and economic growth in different parts of the country with their special package of incentives to attractive new business ventures.
“The government is putting its money where its mouth is and making sure enterprise zones have the buildings and infrastructure they need to make sites ready for business to set up in.
“Enterprise zones are proving extremely popular with business – they have already created over 3,000 jobs for local people – a 75% increase in just 5 months – and many more will be coming down the pipeline because of this new support.”
Andy Rose, Chief Executive at the Homes and Communities Agency, which is administering the fund, said: “The response from the enterprise zones to this investment opportunity demonstrates just how crucial upfront infrastructure is to development.
“It is great news that this additional investment means more priority sites can be funded than first thought, creating more jobs in the areas that need them.”
Today’s announcement is just one of range of steps the government has taken to rebalance the economy and support local businesses to grow and create jobs.
The government has reformed the way councils are funded so they have new incentives to go for growth and support local businesses. It has established 39 local enterprise partnerships that along with enterprise zones are able to access millions in government investment to support their local economy, including the £770 million Growing Places Fund and £2.4 billion Regional Growth Fund.
The CPO is set to kick-start the transformation of the area, boosting the construction industry and creating new jobs in the trades. Plans include the building of 40,000 sq metres quality office space and six-storey Innovation Centre, which begins construction this summer.
Councillor David Mackintosh, Leader of Northampton Borough Council said: “Across our town we are seeing exciting Northampton Alive projects breathing new life into areas as we unlock their potential.
“There are real opportunities to invest in Northampton and our Enterprise Zone. This is another positive step as we bring together another site for redevelopment and new employment opportunities.”
WNDC now owns all of the vacant land, 5 commercial properties and 10 residential properties in St Peter’s Waterside. In addition, the Corporation is in advanced discussions with National Grid about the potential to include two adjoining Gasholder sites in the development plans.
The CPO is one of two that the Corporation has launched in the Northampton Enterprise Zone, with the other Order covering the Avon Nunn Mills site. A decision on that CPO is expected later this spring.
Chris Garden, WNDC’s Director of Regeneration said: “With its central location and transport links, St Peter’s Waterside is a perfect location for high profile office development. We have been buying land in the area for some time, but this CPO means we have consolidated various sites and can press ahead with our plans.
“There will be cranes in the skyline this summer, with work starting on the first phases of development and demolition. Meanwhile, directly opposite the site, construction will be underway on Northampton’s new railway station. It is a defining period in the regeneration of the town.”
What is your reaction to the Compulsory Purchase Order given by Communities Secretary, Eric Pickles, to pave to way for new businesses as well as boost the trades? Share your thoughts by commenting here or raise your voice on our Facebook and Twitter pages.
A £59 million Enterprise Zone Fund to help speed up growth and create thousands of new trade jobs has been launched by the Government.
Enterprise Zones across England can now apply for funding to help them ‘turn shovel ready sites into job ready sites’ by completing key infrastructure projects and boosting the trades.
They reflect the Government’s core belief that economic growth and job creation should be led by the private sector. The Zones are focused on removing barriers to private sector growth with lower tax levels for business and a simplified planning regime and a lighter regulatory and administrative burden.
The Fund will help those Zones with real growth potential to put in place the infrastructure required to unlock sites so businesses can set up and take advantage of the offer available in Enterprise Zones, such as business rate discounts, simplified planning and superfast broadband.
Secretary of State for Communities and Local Government, Eric Pickles said: “Economic growth is this government’s biggest priority and Enterprise Zones are the engine room of that strategy. They are a fantastic way to attract the jobs and business investment that local areas need. This new £59 million fund will turbo charge that engine by turning shovel ready sites into job ready sites.
“Enterprise Zones have all the raw ingredients and growth incentives – simplified planning, low tax, super fast broadband and inward investment – they need to translate their potential into jobs and growth success. This is an opportunity to lay the infrastructure foundations so they are ‘gift wrapped’ ready to house new businesses.
“It is time for Enterprise Zones to take up the gauntlet of growth. Local Enterprise Partnerships can do more to make zones realise their potential sooner. The government is determined to work flat out with partnerships to clear any roadblocks in their zone’s path so they can forge ahead and deliver the jobs the country’s economy needs.”
The £59 million fund is part of the Government’s Local Infrastructure Fund of £474 million designed for infrastructure investment to support local economic growth, jobs and homes.
What is your reaction to the Enterprise Zone Fund that will support economic growth and create thousands of new jobs? Share your thoughts by commenting here or raising your voice on our Facebook and Twitter pages.