Combined authority commits to funding major regeneration projects

Millions of pounds of funding for major regeneration projects in Derby designed to support economic growth have been given the go-ahead.

The decision to grant funding to the projects was made at a meeting of the East Midlands Combined County Authority’s Investment Committee last week.

EMCCA’s Devolution Deal includes an allocation of £38 million per year for the East Midlands Investment Fund, with £9.5 million earmarked for capital projects in the 2024/25 financial year.

Derby City Urban Quarter, Infinity Park Derby and the South Derbyshire Growth Zone are among the six key projects across Derby, Derbyshire, Nottingham and Nottinghamshire being supported.

Mayor of the East Midlands, Claire Ward said: “These projects have been chosen for funding this year because their delivery will help boost the region’s economy.

“They will create jobs, help towards building homes, boosting local businesses and manufacturing, and produce cleaner energy.

“We want to support and enable them to continue their work and help us towards achieving our vision for an East Midlands full of opportunities, from having good jobs, quality education, and thriving local economies.”

The Derby City Urban Quarter project involves transforming priority areas to create a vibrant, sustainable and accessible urban quarter.

The funding will enable the wider project work to revitalise historic buildings, enhance transport infrastructure, create new homes and improve public realm.

The funding for Infinity Park Derby will support a research and development facility within EMCCA’s Investment Zone to support advanced manufacturing and nuclear sectors.

The project will provide services, facility hire and collaborative space to attract new supply chain businesses and inward investment.

The funding from the East Midlands Investment Fund will be used to repurpose existing space available on the Investment Zone site to enable the delivery of new research and development activities, which would mean more jobs created.

Finally, the funding for the South Derbyshire Growth Zone will help facilitate a new junction on the A50, which would enable plans to build 4,500 homes (with ‘garden village’ status) and 3.45 million sq ft of commercial floorspace, plus supporting infrastructure including a secondary school.

All of the projects are part of a broader pipeline of investments that were identified by EMCCA through collaboration with local councils.

EMCCA’s board has now recommended that the final approval of these business cases be delegated to the Mayor.

Mayor Claire said: “We want to invest in vital projects, but we can’t achieve the vision on our own.

“We need to work with partners across the region to invest in the right projects – projects that will make a real difference, and this funding is just the start for the East Midlands.”

In addition to backing these projects, EMCCA has commissioned the development of a long-term regional strategy – the East Midlands Inclusive Growth Strategy, which will guide how it invests a £4 billion funding pot to help drive a thriving economy across Derby, Derbyshire, Nottingham and Nottinghamshire.

This strategy is being overseen by the Inclusive Growth Commission, which will set out a 10-year plan for the improvement in the economic, social, health and environmental conditions in the region.

The commissioners will spend the coming few months talking to communities, businesses, councils and major regional institutions to find out what people think about the region and its potential.