The Greater Norwich City Deal, signed with government in December 2013, aims to bring an additional 13,000 jobs and 3,000 homes to the area, as well as 6,000 jobs in construction.
The Greater Norwich area, covering the districts of Broadland, Norwich and South Norfolk, is a key engine of growth for the United Kingdom. It is one of the fastest growing areas in the country and has established itself as a leader in science, technology and manufacturing. Through the City Deal the Greater Norwich Growth Board partners’ ambition is to enable the existing world class knowledge to develop and grow into world class jobs and a thriving economy
There are three strands to the City Deal – Enterprise, Skills and Infrastructure. As part of the deal, the government announced £3.9m of funding for the LEP-wide enterprise and innovation element, while the ‘skills for growth’ aspect, worth £4m, was secured in October 2013.
The infrastructure element of the deal secures the final piece in the jigsaw of recent funding announcements by allowing partners access to up to £60m from the Public Works Loan Board (PWLB) at a specially discounted rate, on top of the £37m already agreed.
Upfront funding for onsite infrastructure is seen as one of the biggest barriers to the creation of new jobs and homes. Through the establishment of a Local Infrastructure Fund City Deal partners are able to borrow up to £20m from the PWLB at a discounted rate and to use this to provide loans to developers for site specific help to enable housing sites to be delivered quickly.
The outcome of the City Deal will not only help Greater Norwich meet its planned growth but will also serve as a catalyst for the delivery of the additional homes and jobs in the area.
The delivery of the City Deal, and the area’s wider Annual Growth Programme, is overseen by the Greater Norwich Growth Board.
The City Deal for Greater Norwich is available to view here.
The Greater Norwich authorities have agreed a Memorandum of Understanding with key agencies around ways of working together to deliver the Deal. This can be found here: