Government’s decision on whether it will award Derby City Council more than £21m in regeneration grants will be known on 23 November 2016.
That is when Chancellor Philip Hammond delivers his first Autumn Statement since taking office in July.
The Council currently has four city centre regeneration projects in the pipeline, expected to cost approximately £130m. It is seeking £21.7m in match-funding from D2N2 Local Enterprise Partnership to ensure these projects go ahead, according to Catherine Williams, Head of Regeneration Projects.
“Successful city centres are drivers of local and national economies, so it is very pleasing that the Local Enterprise Partnership have shared our vision and recognised the potential of these projects to create a vibrant city centre of choice in which to live, work and play,” she said.
The application comprises £8.6m for preparatory work for Phase 1 of the Performance Venue, £2.9m for the construction of larger office suites for start-up businesses which have outgrown their accommodation, £3.6m for the redevelopment of the Silk Mill museum, and £6.6m to enable more phases of Castleward residential development.
These are among the first wave of projects under the City Centre Masterplan 2030 which aims to deliver 4,000 new jobs, 1,900 new homes and leverage £3.5bn in private sector investment.
Catherine cautioned that even though these projects scored very highly at the regional level it was not a foregone conclusion that Derby would be awarded all the funding for which it applied.
She said there is very strong competition for the pot of funds that central government would allocate to Local Enterprise Partnerships.
Two years ago, government announced Growth Deals to provide funds to local enterprise partnerships or LEPs (partnerships between local authorities and businesses) for projects that benefit the local area and economy.
The first wave of Growth Deals was announced in 2014, the second in 2015 and the third is set for 23 November 2016.