A portion of £8.6 million grant that had been earmarked for the construction of a new music and performance venue in Derby city centre has been reallocated to another key city centre project by D2N2 Local Enterprise Partnership (LEP).
The Infrastructure and Investment Board (IIB) of D2N2 LEP – the private sector-led partnership that promotes economic growth across Derby, Derbyshire, Nottingham and Nottinghamshire – agreed to transfer a portion of this money to the Becketwell Regeneration Scheme for the purchase of properties in the area.
The decision, at their meeting on 13th September 2018, is subject to the receipt of a satisfactory Business Case for Becketwell. The remainder of the money will remain in the portfolio for the renewal of the Assembly Rooms to be disbursed against an acceptable Business Case.
The amount of money that has been approved cannot be revealed at this time due to commercial sensitivities in the ongoing Becketwell negotiations.
Leader of the Council Chris Poulter said:
Our strategy for Becketwell is a holistic development plan which involves the removal of hurdles blocking private sector investment. The opportunity arose for us to acquire additional properties in Becketwell which we are persuaded will help to remove these barriers. We are therefore grateful that D2N2 is prepared to invest in this project which will help to transform the city centre into a vibrant place.
The £8.6m allocation was granted as part of the Local Growth Fund Round 3. Derby City Council also received £3.7m for the Silk Mill regeneration and £1.5m for Phase 2 of Castleward urban residential development.