A £111.2 million growth deal for Lincolnshire was given an official kickstart on Tuesday, October 21, as Local Growth Minster Penny Moudaunt MP put pen to paper in Lincoln.
Ms Mordaunt was joined by council leaders, business people and the Greater Lincolnshire Local Enterprise Partnership (LEP) to sign the deal at the Joseph Banks Laboratories on the new Lincoln Science and Innovation Park.
The Growth Deal, which was negotiated by the Greater Lincolnshire LEP, will bring £48.3 million of investment in the first year (2015/16) and a further £62.9 million from 2016-17 onwards.
The investment is hoped to create around 2,000 new jobs, build 2,000 new homes and attract £90m of additional public and private sector investment.
As previously reported, the LEP originally secured of government funding in July for a number of key infrastructure projects across the county.
One of the projects which will benefit from Growth Deal funding is the Boole Technology Centre, which will be created on the science park.
The Boole Technology Centre is a new £6.75m 3,000 metres-squared development that will complete the first phase of the Lincoln Science and Innovation Park, a joint venture between the Lincolnshire Co-op and the University of Lincoln.
Other projects to benefit from the funding in Greater Lincolnshire are:
- Grantham Southern Relief Road
- Boston Quadrant
- Boole Technology Centre, Lincoln
- Unlocking Rural Housing
- Bishop Burton College
- Skegness Countryside Business Park (including the western relief road)
And in the second round, subject to approval:
- Lincoln East-West Growth Corridor
- Grantham College
- Transport Hub in Lincoln
- Access to Employment A16/A46
- Skegness Sustainable Transport
- Berkeley Circle, Scunthorpe
Penny Mordaunt MP, who is a Minister in the Department for Communities and Local Government, said: “The Government’s long-term economic plan to rebalance the economy is starting to pay off and helping create thousands of jobs in all four corners of the country.
“Growth Deals are playing an important part and giving areas such as Greater Lincolnshire the power to put in place the infrastructure they need to thrive.
“This deal is great news for people living and working in the area and will bring real improvements to roads, new housing and business space and college facilities to increase skills.”
Ursula Lidbetter, Chair of the Greater Lincolnshire LEP, commented: “We are delighted to welcome Penny Mordaunt to Lincoln and look forward to briefing her on how our Growth Deal will provide a major boost to the Greater Lincolnshire economy.
“The funding we have secured in the face of some stiff competition from other regions will help us to create 2,000 new jobs, build 2,000 new homes and attract £90m of additional public and private sector investment to support sustained economic growth.”