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Five investment projects could see LEP cash boost

By GFirst  |  Posted: November 14, 2012

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Gloucestershire Local Enterprise Partnership has shortlisted five projects to consider for major investment.

The projects have all put in bids for the LEP's £8.4million Gloucestershire Infrastructure Investment Fund (GIIF), which is designed to help create new jobs and drive economic growth.

The five proposals are:

- Funding towards a flood defence scheme which has also been put forward, as part of Gloucester City Football Club plans to construct a new stadium and associated commercial accommodation and workspace, creating new job opportunities. 

- A proposal has been put forward to provide highways infrastructure to serve a mixed use housing and employment development area in East of Lydney, as well as a new employment site for potential business investment, which would secure around 1,000 new houses and 1,600 jobs.

- As part of the ongoing renaissance of Gloucester, a small scheme has been proposed as part of the wider Greater Blackfriars regeneration master plan to support some initial site clearance works, which will enable a development site to come forward to stimulate new residential and commercial investment.

- At Gloucestershire Airport, a proposal to develop a number of hangars has been put in which would allow for further local business expansion and provide for job retention and creation of new opportunities. Whilst also reinforcing infrastructure to help strengthen the county's profile as a high quality business development and investment location.

- A proposal has also been received to provide funding to support the construction of the new Cinderford Northern Quarter Relief Road, which will open up the regeneration and development of a former coalmining area, stimulating significant investment in a new low carbon educational facility, open up 19 hectares of land for economic use and enable the construction of new market sale and affordable homes.

The five projects have been approved by the LEP's Board to go through to the next stage of consultation. Detailed business cases for each project will now be prepared for consideration by the LEP's Investment Panel, which is made up of Gloucestershire LEP, local business and Local Authority representatives. The successful projects are expected to be allocated money by April 2013.

David Owen, chief executive of economic development company GFirst, which drives Gloucestershire LEP, said: "We have had a lot of interest in the GIIF since July when we asked our businesses to come forward with proposals and we are pleased that we have now selected a shortlist which can go through to the next stages.

"The GIIF is a real opportunity for Gloucestershire to unlock significant development and jobs, which may not have been able to proceed due to a shortage of cash investment. We hope that through this revolving fund we will be able to boost Gloucestershire's economic growth now and for many years to come."

The GIIF cash was secured by Gloucestershire LEP from the Government's Growing Places Fund and is designed to kick start growth by unlocking infrastructure, housing and economic development schemes which have stalled in the current economic climate.

The funding will be administered to Gloucestershire County Council, as the accountable body, once the successful projects are chosen.

Gloucestershire LEP is still keen to hear from potential future projects that could benefit from the GIIF. To find out more visit www.gloslep.co.uk .

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