£29.9m secured from the Local Growth Fund and £42m in loans from Public Works Loan Board
Funding secured for the provision of new exhibition hall at the Farnborough International Airshow site
Transport improvements that will bring forward new jobs and homes in key towns across the Enterprise M3 area
Funding secured to support housing in the Enterprise M3 area
Two new Enterprise Centres to boost business start-ups and job creation
Funding secured to support Lower Thames flood defences
£34m secured from Public Works Loan Board to fund Addlestone Town Centre Regeneration Project
The Enterprise M3 Local Enterprise Partnership (LEP) welcomes today’s Government announcement that it has been awarded a further £29.9million of funding from the Government’s Local Growth Fund plus £42million in loans from the Public Works Loan Board. This is in addition to the £118.1m of funding from the Local Growth Fund which was announced in July 2014.
The funding announced today will be used to support 14 infrastructure projects across the Enterprise M3 area. The Enterprise M3 Growth Deal, which is now worth £148million, will bring forward up to 4,000 new homes, create up to 7,000 new jobs, attract up to £410million new public and private sector investment into the area and improve transport links within and between key towns in Surrey and Hampshire.
The projects that have been awarded funding are:
A loan from Public Works Loan Board to fund a town centre regeneration project in Addlestone that will create over 200 new housing units and 200 jobs in the town - £34million
The provision of a new exhibition hall at the Farnborough International Airshow site
Transport schemes to reduce congestion and improve journey time reliability and network resilience on the A325, A327 and A3011 corridor in Farnborough
Regeneration of Aldershot Town Centre and redevelopment of Aldershot Railway Station
Transport scheme to enhance the capacity of Brighton Hill Roundabout in Basingstoke
The establishment of the Whitehill & Bordon Business and Enterprise Centre
A package of transport improvements along the A30 which will improve accessibility to Camberley Town Centre
The development of a state of the art University Centre at Farnborough College of Technology
Development of a new area of Sustainable Alternative Natural Green Space (SANGS) at Ball Hill, Farnborough which will allow future delivery of new homes in the area
Capacity improvements to the Lower Thames Flood Defence scheme
An Enterprise M3 area-wide project to support the development of a Woodfuel Hub Network
A pilot scheme for rural areas in East Hampshire which aims to increase housing and quality employment space supply in the area
The establishment of an Innovation and Enterprise Centre, focussed on animal health, at the Pirbright Institute
The development of a second access road to the Slyfield Industrial Estate on the eastern side, off Clay Lane
The Enterprise M3 Growth Deal aims to drive economic development by investing in key infrastructure projects to improve connectivity across Hampshire and Surrey. It brings together local, national and private funding focussing on four key priority areas as identified in the LEP’s Strategic Economic Plan:
Supporting enterprise and innovation
Growing the skills base in the region
Accelerating housing delivery
Enhancing urban and rural connectivity
Enterprise M3 will be working with project partners on the details of the schemes and all schemes will be subject to due diligence and contract.
Geoff French, Chair of Enterprise M3 Local Enterprise Partnership, commented: ““Today we are celebrating the fact that the Enterprise M3 area has secured a further £29.9 million from the Government Local Growth Fund plus £42 million in loans from the Public Works Loan Board. This investment, in addition to the £118.1million we secured last year, highlights the significant value that this Government places on supporting and growing strong local economies such as ours. We will use this investment smartly, only investing in projects that will provide measureable benefits and economic growth in our area. It is for this reason that we have been working, and will continue to work, with our local and regional partners from the private, public and not-for-profit sectors to identify and then deliver projects that will bring about real and positive economic change across the Enterprise M3 area.”
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Notes to editors
*The Growth Deal is subject to a satisfactory conclusion of the funding agreement
Local flexibility over Growth Deal programme: Enterprise M3 has demonstrated strong partnership arrangements which deliver collective decisions, has articulated a clear and deliverable vision for growth in the area and has established strong financial monitoring procedures and cross local authority collaboration. As a result Enterprise M3 will be expected to deliver the projects highlighted in the Deal wherever appropriate, but will have flexibility to manage how these projects are delivered to bring the greatest economic benefits to the area. Government will disburse funds to the LEP annually in advance; however the LEP will need to discuss any changes to projects with Government before doing so.
The Growth Deal does not amount to an endorsement of everything in the submitted SEP. All development decisions for specific proposals must go through the normal planning process and be guided by local plans taking into account all material considerations.
Enterprise M3 Local Enterprise Partnership
Enterprise M3 is a business-led Local Enterprise Partnership, one of 39 in England, which is working to secure economic growth at sub-national level. We bring together leaders from the business, public and not-for-profit sectors and provide the vision, knowledge and strategic leadership needed to drive sustainable private sector growth.
Our aim is to create the foundations on which our businesses can flourish. We strive to improve business productivity, increase jobs and maximise the number of businesses operating across Enterprise M3. For more information visit: www.enterprisem3.org.uk
The Enterprise M3 LEP area stretches from the hinterland of London to the New Forest covering mid to north Hampshire and South West Surrey. The LEP area brings together business leaders from 14 district authorities across two counties and has four major interconnected urban centres known as ‘Growth’ towns: Woking, Guildford, Farnborough and Basingstoke and five ‘Step-up’ towns: Staines-upon-Thames, Camberley, Aldershot, Whitehill and Bordon and Andover.
The councils involved in the M3 LEP are:
Hampshire County Council
Surrey County Council
Basingstoke and Deane Borough Council
East Hampshire District Council
Elmbridge Borough Council
Guildford Borough Council
Hart District Council
New Forest District Council
Runnymede Borough Council
Rushmoor Borough Council
Spelthorne Borough Council
Surrey Heath Borough Council
Test Valley Borough Council
Waverley Borough Council
Winchester City Council
Woking Borough Council