Councils offered chance to bid for £10m to develop new towns
Thu 7th November 2019, 10:25 am
Funding of £10m has been made available as part of a competition to help councils develop proposals for new towns and economic growth opportunities.
Local authorities and their private sector partners are being encouraged to enter the New Development Corporation Competition to offer new programmes and ideas to kick-start the delivery of thousands of new homes and jobs – to create new communities on the scale of Canary Wharf and Milton Keynes.
The seed funding will help councils to develop initial proposals for ten new communities to unlock growth across the country.
The housing secretary said the first project with a new development corporation will be in Toton, in Nottinghamshire, which will be led by Midlands Engine chairman Sir John Peace.
The site is located close to the M1 and East Midlands Airport, and the goal is to maximise the area’s international links to create tens of thousands of new jobs and homes. Councils are being encouraged to not just build homes, but generate new infrastructure and create communities.
Sir George Iacobescu – founding father of Canary Wharf – will advise on which projects to take forward for further government support.
Iacobescu, CEO of Canary Wharf Group and champion of the New Development Corporation Competition, said: “Thirty years ago, development corporations breathed new life and energy into towns and cities across Britain. I would like to encourage local authorities and their private sector partners to come forward with ambitious programmes and ideas.
“I am pleased to have been asked to share our experience and to work with the next generation of development corporations. I am looking forward to seeing some innovative proposals which will help drive transformational growth across the country.”