Much needed capital funding has been announced to support three important city centre regeneration projects.
The city’s flagship project, the new Music and Performance Venue, has been allocated £8.6m – the largest slice of the Local Growth Funding (LGF) grant for Derby provided through the D2N2 Local Enterprise Partnership. This grant allocation, for Phase 1, is for the full bid amount.
Two other grants through the LGF3 facility are £3.7m for the Silk Mill regeneration and £1.5m for Phase 2 of Castleward urban residential development. A fourth bid of £2.9m for ‘grown-on’ space for Connect Derby was unsuccessful.
The £13.8m grant amounts to just about 64% of the £21.7m LGF3 bid.
Deputy Leader Cllr Martin Rawson and Cabinet Member for Regeneration and Economy said:
“This is a major step forward in achieving our ambition to create a new flagship Music and Performance Venue on the Assembly Rooms site. This will be the centrepiece of an emerging cultural hub in the city centre. It is also an important linchpin for stimulating the night time economy and creating vibrancy around the Market Place. A vibrant city centre is the driver of our local economy and I am convinced that once we get a new facility in place that it will spur business confidence and we will see a surge in private sector investment which will help to transform Derby.”
Though these projects have been selected to receive D2N2 investment, money will only be disbursed after submission and acceptance of a detailed, value for money business plan – showing practical outcomes relating to jobs, homes and learning opportunities created.
Cabinet is expected to consider recommendations for the construction of the flagship Music and Performance Venue in September.
The four city centre regeneration projects which the Council bid for D2N2 LEP funding are:
- Phase 1 of the Performance Venue – £8.6m
- The redevelopment of the Silk Mill Museum – £3.65m
- More phases of Castleward Urban Residential Development – £6.6m
- Construction of larger office spaces – £2.9m