Central Salford URC to be axed
CENTRAL Salford Urban Regeneration Company, the organisation which was responsible for overseeing inward investment projects such as the Chapel Street Regeneration scheme and the Exchange Greengate project, is to be axed.
The organisation’s staff of around 20, including chief executive Chris Farrow, have been notified of the decision and have now entered into a consultation period over the future of their posts.
The decision was taken to wind the company up following the loss of two of its three sources of principal funding – the North West Regional Development Agency and the Homes and Communities Agency.
The body’s other funder, Salford City Council has said that it wants to work with private developers in the area to find a way of continuing the momentum built by the organisation in schemes such as MediaCity;uk, Chapel Street and Irwell River Park.
It said that for every £1 of public money spent, it has secured more than £10 of private investment and the largest and most successful programme of regeneration outside the London 2012 Olympics.
Leader of Salford City Council, Cllr John Merry said: “We asked the URC to help transform the central part of the City and the future of its people. Working together we have already delivered huge levels of investment and confidence from the private sector.
“Despite the challenges of multi-million pound public spending cuts facing the City, we are determined not to lose the momentum built up by the URC. Working with others we will find a way to build on that success and we have every confidence that the development community will support the City Council in this task.”
CSURC chairman Felicity Goodey said: “I have been overwhelmed by the strength of confidence and support expressed by investors in Central Salford and the URC team. We set out with an ambitious vision and thanks to the strength of the partnership we have with Salford and its people we have delivered far more than ever promised.”
She added: “Organisations come and go, but it is important that its work continues. We are living in very different times now.”
Phil Woolley, government and infrastructure advisory partner at Grant Thornton in Manchester, said: “This news will come as a disappointment to many, as Central Salford URC was generally recognised as one of the most successful URC’s in the UK.
“I expect Salford City Council will be determined to ensure that it can continue to frame a compelling vision for the continued regeneration of the city, and will be looking at how to invest in projects to fill any funding gaps due to the abolition of NWDA, and cuts to HCA budgets.”
