The construction of 2,000 new homes, a school and business park are now a step closer after gaining council approval last night (Jan 19).
The former Stanton Ironworks site (pictured)*, in Stanton-by-Dale, Derbyshire, could hold 2,000 homes, a business park, care home and a shopping complex now that development plans have been approved by Erewash Borough Council. Further funding for the development has also been sought by the D2N2 Local Enterprise Partnership (LEP) as part of a £426m investment package which would create an estimated 12,910 new jobs in Derbyshire and Nottinghamshire.
D2N2 is the LEP for the Derbyshire and Nottinghamshire area, and works with businesses, local authorities, skills and training providers and community and voluntary organisations to grow its areas economy, with the aim of creating 55,000 new jobs in ten years (2013-2023). As part of this mission, D2N2 has an allocation of £192million in Local Growth Funding from Government, which can be used for projects in its area which will help to develop infrastructure, business space and skills.
Recent LGF projects in the D2N2 area have included: £12m for Derby’s Our City, Our River’ project – to help install flood defences at strategic intervals along the River Derwent and £6.5m towards the £30m BioCity Nottingham extension – to provide extra space for life-sciences companies to start up and for existing companies based there to grow. D2N2’s most recent submission for £426m of further LGF funding from Government was made in July of last year (2016) and identified a number of further projects in its area which could benefit.
One of these was the Foundry Park project, which would see the former Stanton Ironworks foundry refurbished to create additional access roads, car parking space and business floor space. It is estimated that the foundry park project will help create 700 jobs and D2N2 is asking for £4.2m LGF from Government to help ensure that the development goes ahead, which will be used alongside £9.2m sourced from other project partners.
On submitting the most recent bid for growth deal funding, Peter Richardson, Chairman of the D2N2 Local Enterprise Partnership, said: “Our current LGF allocation, of £192m, has already been invested in a wide range of projects, including £12m for Derby’s Our City, Our River’ project and £6.5m towards the £30m BioCity Nottingham extension; aiding key sectors and providing local contractors with access to millions of pounds worth of contract work. But there is a lot more we need to do to provide vital infrastructure, to aid economic growth.
“The new LGF 3 bids we have made would give our area access to a £426m investment programme, with the power to create an estimated 12,910 new jobs. D2N2 has an excellent track record for spending wisely and well, and I am confident that Government will give serious consideration to our plans.”
To find out more about Local Growth Funding in Derbyshire and Nottinghamshire, click here
To see a copy of D2N2’s most recent Growth Deal submission to Government, click here
*Image is provided courtesy of Flickr and is used under a Creative Commons Attribution-Share-Alike licence – original image can be found at – http://ow.ly/3hay308bZLU
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