Jobs, homes and prosperity for local people
Developers are being given another chance to access low interest rate loans from the Local Infrastructure Fund, following a successful first round of applications.
At yesterday’s (Wednesday 8 October) meeting of the Greater Norwich Growth Board (GNGB), a report outlined the progress of three major projects that have already successfully bid for money to kick start their delivery.
As contract negotiations continue on those projects, the board is now inviting more developers to apply to the £20m fund designed to help infrastructure in Greater Norwich get off the ground.
The board also endorsed in principal a further application to the fund from Beyond Green to deliver the new North Walsham Road corridor. This infrastructure would help accelerate the delivery of at least 600 homes, bringing with it significant employment opportunities in construction and more than 150 full-time operational jobs.
At the end of July, subject to loan agreements, the board agreed to provide funding to Serruys Property Company’s scheme at the Deal Ground, the city council’s Bowthorpe Three Score development and transport infrastructure work in South Wymondham by Endurance Estates Strategic Land Ltd.
The firm that carried out the independent financial appraisals on the applications is now preparing the loan agreements, with the input of board members.
In all cases the agreements are designed to safeguard the loan investments and will contain schedules for repayments and provisions to review the loan, should a scheme not progress.
Expressions of interest are invited by email to ellen.goodwin@norfolk.gov.uk no later than Friday 31 October. For additional information, including guidance and forms, please also contact Ellen Goodwin.
Following a shortlisting process, successful applicants will be invited to put together a full business case for consideration by the growth board before the end of the financial year.
Brenda Arthur, leader of Norwich City Council and chair of the GNGB, said: “This fund is providing a practical solution to bring forward development sites that have previously been delayed.
“By loaning money to developers, we can bring about the groundwork needed for significant growth in employment opportunities and provision of homes for the area. I hope this second opportunity sees more vital infrastructure come to fruition.”
Chris Starkie, managing director at New Anglia Local Enterprise Partnership, said: "This is a collaborative solution that will kick start a number of key development sites across Greater Norwich.
“The loan finance, made possible through the Greater Norwich City Deal, will help support new jobs, homes and businesses."
Andrew Proctor, leader of Broadland District Council, said: “The fund is a great boost to help developers create good sustainable developments that promote our intention of growth supported by infrastructure.
“As a long term opportunity, with the fund open until 2026, employment, housing, transport and leisure facilities can be properly planned to maintain balanced communities for Broadland residents.”
Steve Morphew, GNGB member for Norfolk County Council, said: “The fund is already providing great support to help a variety of progressive infrastructure projects get off the ground and I hope that these loans will help stimulate another batch of applications for growth across the Greater Norwich area.”
John Fuller, leader of South Norfolk Council, said: “The fund will not just benefit builders but will be used to bring forward critical infrastructure improvements much more quickly than could otherwise be possible that will benefit all residents and businesses.
“Widening the rail bridge and sorting out localised flooding in South Wymondham are two examples.”
The fund was launched by the GNGB in April and is part of £80m-worth of borrowing potential granted to partners through the successful City Deal bid at the end of last year.
The scheme offers developers funding to deliver essential infrastructure, such as roads and transport links, which will in turn unlock developments that may otherwise have been delayed.
It is specifically designed to support infrastructure required to open up sites for housing or employment development, realising sustainable growth in jobs, homes and commercial builds.
Click here for the full reports associated with the 8 October GNGB meeting.
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