| 11 December 2008 |
| GOVERNMENT FUNDING CONFIRMS PETERBOROUGH AS MAJOR GROWTH HOTSPOT |
Peterborough’s future growth and regeneration plans are on track following a governmental award of more than £21 million towards major city projects.
The investment, announced by Housing Minister Margaret Beckett, is part of a national allocation of £605 million to 163 local authorities in identified Growth Areas and Growth Points with long-term plans to increase house building to meet the needs of the communities.
Opportunity Peterborough and Peterborough City Council have been working together to secure the Growth Area Funding, which will support growth and regeneration projects up to 2011.
An initial application was made in 2007, and Peterborough was initially awarded £17.5million towards projects in 2008/9 to 2010/11. But following the resubmission of an application in September 2008 the Department of Communities and Local Government increased the award by £3.9 million to £21.4 million.
Steve Compton, chief executive of Opportunity Peterborough, comments: “This is tremendous news for our city and ensures that Peterborough’s ambitious growth and regeneration plans continue into physical delivery up to and beyond 2011.
“The additional funding awarded is based upon the city’s successful delivery of major projects this year, including the completion of the works on Paston Parkway, and truly recognises the scale of growth that is to be undertaken by the city and the importance of the continued delivery of major projects that Opportunity Peterborough and Peterborough City Council are bringing forward.”
The first major project identified for investment by the Growth Area Fund is set to start in early 2009 with the redevelopment of Cathedral Square as part of the city’s Streets, Squares and Spaces project. Other major projects include the development of a dedicated financial school as part of the University Centre Peterborough and studies of the city’s infrastructure.
Councillor Graham Murphy, Cabinet member for housing, regeneration and economic development said: “This additional funding will make a significant contribution to Peterborough’s growth plans. Despite the current down-turn in the housing market we need to continue to plan and deliver projects for the future prosperity of Peterborough. Part of this will be building new homes in the city to meet the needs of the city’s growing community and investing in the infrastructure to support it.
“We and partners including Opportunity Peterborough, the Greater Peterborough Partnership and the Peterborough Chamber of Commerce are continuing to work together to drive forward our growth agenda, and help Peterborough achieve its aims of becoming a successful, sustainable and growing city.”
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