Worcester to press on with technology park plans despite RGF disappointment
PLANS to develop the Worcester Technology Park at Junction 6 of the M5 will still be high on the agenda at a council meeting next Thursday week despite a decision by the Government to withdraw funding via the Regional Growth Fund (RGF).
Worcestershire County Council says that following the decision by the Department for Business, Innovation and Skills to withdraw funding encouragement has been given to develop revised proposals as part of the Worcestershire LEP’s new Growth Plan for Worcestershire.
The council says it is committed to investing up to £350,000 to support the development.
The Technology Park has been identified by the Council and Worcestershire Local Enterprise Partnership (WLEP) as one of four key ‘Game Changer’ sites that are of high strategic importance to the county’s future economic prosperity.
The council and project partners, including Wychavon District Council, Worcester City Council and the Worcestershire Local Economic Partnership (WLEP), say they are encouraged by the level of interest already shown in the scheme.
Detailed negotiations are progressing with two potential occupiers for an initial development phase of 200,000 sq ft with the possibility for these occupiers to be in situ by summer/autumn 2015.
Cllr Simon Geraghty, Worcestershire County Council’s deputy leader and cabinet member for economy, skills and infrastructure, said: “The Worcester Technology Park is an economically important site in the county and we know from the work we have done so far that there is demand for this type of business site.
“The county council is proposing to allocate further resources to ensure work on the project can continue whilst we actively seek, with partners, to create a local funding solution to enable the first phase of the site to be developed.”
Peter Pawsey, executive chair of the Worcestershire Local Enterprise Partnership, said: “Whilst we are disappointed that Regional Growth Funding is not forthcoming at this time, we remain fully committed to this exciting development which will ‘draw back the curtains’ on Worcestershire.
“Government funding is changing fast following the recommendations of the Lord Heseltine Report and the Chancellor’s recent spending review confirmation of the Single Growth Fund. There is more than one way of bringing together the resources to make this site a reality and we are fully supportive of the local government partners’ determination to keep this project moving forward at pace.”
More generally the LEP welcomed RGF funding for Worcestershire schemes.
Support has been given to the Worcestershire Expansion Scheme to assist private companies with their plans for growth, including capital investment, training and research and development. The specific level of funding awarded to the scheme will be confirmed following a due diligence process.
And deputy prime minister Nick Clegg also announced the award of £1.5m over two years to The Marches and Worcestershire Redundant Building Grant Programme.
This will give financial assistance to bring unused buildings back to productive economic use. It is estimated that nearly 50 businesses will benefit, creating 220 direct and 110 indirect jobs.
