A LOCAL enterprise partnership has agreed a £13.9m funding expansion to a major job creation scheme.
Tees Valley Local Enterprise Partnership (TVU) says it will receive the cash for its Growth Deal from the Government.
The money will be spent on projects between 2016 and 2021, and adds to £90.3m announced last year.
The TVU says the Growth Deal will create and support up to 5,000 jobs, help build 1,500 homes and generate £150m public and private investment.
Bosses said additional projects from the funding will feature a Hartlepool Innovation Skills Quarter, designed to offer support for creative industries, and the next phase of the Teesside Advanced Manufacturing Park, which will create research and development space for small and medium-sized companies.
The cash will supplement projects announced under the £90.3m funding, which include creating an oil and gas academy at Redcar and Cleveland College, to support the Government’s commitment to fracking, and increased access to Darlington’s Central Park Enterprise Zone, where the Centre for Process Innovation is building medical innovation centres.
Prime Minister David Cameron said: “Giving local communities, like Tees Valley, the power and the money to unlock growth and development is a key part of our long-term economic plan.”
Sandy Anderson, TVU chairman, added: “This will enable us, our partners and stakeholders to start additional projects to help deliver more prosperity.”
The Tees Valley Growth Deal is part of a long-term plan to devolve at least £12bn from the Government to local economies.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here