Deal signed for inner city regeneration project

A CONTRACT to deliver a major regeneration programme for inner city of Leeds has been signed.

Leeds City Council and sustainable communities for Leeds (sc4L) have agreed the contract procured under the Private Finance Initiative (PFI) to deliver the 20 year partnership to help rejuvenate local communities across the Little London, Beeston Hill and Holbeck areas of the city.

Local communities will benefit from the refurbishment of the 1245 council homes, and the construction of 388 new council homes to rent with environmental improvements to the estates.

Capital investment of more than £120m over the next three and a half years will provide training and employment schemes leading to jobs, work placements, apprenticeships and social enterprise opportunities.

The project, funded by the Department for Communities and Local Government with a council contribution, is the first housing PFI scheme of its kind with the private finance element being secured through the capital funding markets through a bond issue.

Coun Peter Gruen, Leeds City Council executive board member with responsibility for neighbourhoods, planning and support services, said: “We welcome the news that this project has reached financial close. I am very pleased that we can finally start to deliver the project for these communities, who have waited a long time. I want to thank the residents for their continued patience, now is the time to finally deliver results.

“The council has worked extremely hard with its partners over many years to move this project along at the various stages. It is great to sign it off and be able to tell local people they will start to see work happening soon.”

He added: “In addition, and as promised, alongside the PFI project, the council will invest £2.53m to bring 87 properties in the Beeston Hill area back into use. Along with this, the Little London local centre and education facilities in the area will be improved in the next few years to address some of the neighbourhood’s needs. These additional schemes bring real benefits and opportunities to the people of these communities.”