22.12.17
Tees Valley approves plans for £22m manufacturing park development
The Tees Valley mayor and Combined Authority have approved plans for a £7.5m investment into the Tees Advanced Manufacturing Park (TAMP).
The investment will be the first time the north east authority has used the new borrowing powers agreed by the chancellor.
The money will be used to remediate the land as well as for infrastructure works, which will enable the development of commercial accommodation, which will be co-funded by Middlesborough Borough Council, who will put around £12.5m into the scheme.
Costs of the £22.46m Manufacturing Park will be recouped through business rates paid in the designated Enterprise Zone by the companies attracted to the site.
Ben Houchen, Tees Valley mayor, explained: “When these innovative borrowing powers are devolved from government, the Combined Authority will be able to fund a huge new asset for the region, recovering the investment from business rates paid on the site, and retained locally as a result of our Enterprise Zone status.”
He said that the development will provide an opportunity to enhance economic growth and drive forward skilled employment opportunities in the area.
Middlesborough mayor, Dave Budd, welcomed the investment commitment, saying: “It is a great example of new powers being used to bring investment into the area and secure our economic future.
“I am pleased that a strong partnership between Middlesbrough Council and Tees Valley Combined Authority is making these pioneering plans a reality.
“It demonstrates that the Tees Advanced Manufacturing Park is an asset for the whole of the Tees Valley, and of national significance.”
Work is set to begin in the New Year.
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