02/05/12

Coast to Capital LEP announces first projects to receive Growing Places funding

Coast to Capital Board has announced the first successful projects to be awarded significant funding from the Growing Places Investment Fund that currently totals over £23 million

Following an extensive evaluation process, the Coast to Capital Board have allocated over £14 million towards the five projects which have a total value in excess of £173m and will potentially provide over 2000 jobs.

  • Airfield Park, Bognor Regis
  • i360, Brighton
  • Caterham Fast Fibre Hubs
  • Malling Brooks, Lewes
  • Ruskin Square, Croydon

Tim Wates, Chairman of the Coast to Capital Growing Places Investment Committee said:

"I am very pleased to announce we have five very strong projects that have the potential to stimulate growth within the Coast to Capital area.

The variety of projects also demonstrates the willingness and intent of the Board to consider all options when looking for ways to create long-term high quality sustainable jobs. The iconic Brighton i360 that will further strengthen Brighton's international reputation and Ruskin Square, Croydon that will be a catalyst for significant investment within the Borough.

This is indeed a very exciting time for all involved in Coast to Capital and the many partners we are working with."

As well as unlocking the potential of the schemes announced, Coast to Capital will manage the Growing Places Fund as a revolving fund, and continue to reinvest the fund to ensure that the Partnership can continue to unlock substantial and catalytic schemes over many years.

Coast to Capital will now work with the five projects to agree individual investment plans and ensure continuous due diligence processes are in place so that projects are able to deliver their ambitious plans and value for money.

John Peel, Chairman of Coast to Capital stated:

"Coast to Capital LEP has a further £9 million to allocate to projects and is confident it will do so by the autumn. It will be calling both public and private sectors to come forward with potential projects through the summer. We will be publishing information soon".

Coast to Capital received 16 projects, seeking a total of £57m following their call for potential projects for the Growing Places Fund.

  • 4 major housing projects
  • 7 urban economic projects
  • 5 'others'

The projects came from both private and public sector:

  • 8 public sector
  • 4 private sector
  • 1 joint public/private,
  • 2 community ventures,
  • 1 housing trust

Five projects have been taken forward, with a further five projects that the Growing Places Investment Committee feels were not ready to move ahead quickly, or where it felt that the supporting case for funding support needs further development. Coast to Capital would therefore support those projects to resubmit.

For more information contact Gary Rustell, Communications & Engagement - Coast to Capital LEP
email: [email protected]: +44 (0)1243 777144 - M: +44 (0)751 533 2909

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