The Greater Norwich City Deal, signed with government in December 2013, covers the districts of Broadland District Council, Norwich City Council and South Norfolk Council. It aims to support new businesses, secure private investment, create an additional 19,000 jobs and bring 3,000 homes to the area.
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 is worth £4m.
The infrastructure element of the deal allows partners to access up to £60m from the Public Works Loan Board (PWLB) at a specially discounted rate.
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, enabling housing sites to be delivered faster.
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: