Growing Places

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West of England Revolving Infrastructure Fund - Growing Places 'Expressions of Interest'

  

Forward funding of infrastructure in advance of development can be a challenge, particularly where development interests are held by a number of parties.

In the current economic climate many otherwise viable schemes are not able to proceed because capital constraints have reduced the flow of investment in the physical infrastructure that unlocks development (e.g. transport, utilities and flood defence), thwarting the creation of much needed homes and jobs.

The Growing Places Fund provides an exciting opportunity to help address this constraint: enabling targeted investment in key infrastructure that unlocks development and allows schems to realise development values. A share of this uplift in value can be recycled back into the fund to enable further awards of funding to be made in future cycles. This will provide a longer term solution to infrastructure provision.

The West of England Local Enterprise Partnership area has been awarded £11.5 million from the Growing Places Fund to set up a Revolving Infrastructure Fund.

The West of England LEP is inviting project proposals from local authorities, the private sector and other interested parties, which specifically meet the criteria agreed by the LEP board to include in their Strategic Investment Plan.

Further information for potential applicants / scheme promoters on how to submit proposals for the Growing Places Expression of Interest is available here.

 

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