£450m investment package for Preston and Lancashire infrastructure to be available under City Deal scheme
Business and public sector leaders in Lancashire recently revealed the fact that they were very close to completing an application to grant the Preston and South Ribble areas a City Deal, which, if approved, would see the two areas transformed by large-scale new investment in transport, housing and employment infrastructure, enabling more than 20,000 jobs to be created in the next decade.
The programme will be able to access funds amounting to a total of £450m, with a key part of the proposal being the £350m transport infrastructure programme including four major road schemes, a new junction off the M55 near Bartle and preparations for a new road bridge over the River Ribble to the west of the city centre.
Funding for the £350m transport element of the proposal includes £131m from central government, including a major commitment from the Department for Transport and land receipts from the Homes and Communities Agency.
The councils of Lancashire, Preston and South Ribble will input a combined total £139.9m with a further £70.7m from developers.
The three councils’ contributions would include revenue from the New Homes Bonus, resulting from the building of around 15,000 new homes. In addition, the bid is proposing a new £100m ‘City Deal Investment Fund’, allocated through a new venture by the Lancashire Pension Fund.
This will be co-invested on a commercial basis to enable housing and other development schemes within the City Deal boundaries.
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