£47m handout expected to create 10,000 jobs
Up to 10,000 jobs are expected to be created by the allocation of £47 million to schemes across the West.
The new injection of cash has been handed out by the West of England Local Enterprise Partnership and comes from the Regional Growth Fund.
The funding will be paid back over the next few years, from a combination of retained business rates and arrangements with developers through Section 106 agreements or the Community Infrastructure Levy.
Bristol’s Temple Quay enterprise zone will receive the lion’s share of the money, with £21million to pay for improvements to roads and pedestrianised areas, and improved access at the Temple Circus roundabout.
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Next on the list is Bath, with £13million destined to cover the costs of removing the gasometer on the Western Riverside site, as well as flood relief measures and two bridges.
The Junction 21 Enterprise Area close to the M5 will benefit from a £12 million injection to provide flood relief and increasing capacity at the motorway junction.
Partnership chairman Colin Skellett said: “When the LEP was set up we set ourselves an ambitious target of 95,000 new jobs by 2030.”
Of the £56.7 million available to the fund, £4 million remains, which will increase to £10 million by 2016/17 once repayments are factored in.