The Birmingham and Solihull Local Enterprise Partnership (LEP) will get to allocate £14.9m of funding for infrastructure improvements to kick-start development projects that have stalled during the recession.
And the West Midlands as a whole will benefit to the tune of £50m from grants under the Growing Places Fund, unveiled on Monday.
Chief Secretary to the Treasury, Danny Alexander, visited Birmingham and Solihull announcing details of the fund, which will see £500m invested across the country.
The aim of the Growing Places Fund is to make available ‘revolving funds’ to take forward projects that can help stimulate economic growth, jobs and housebuilding, with the money eventually paid back and re-invested locally.
Examples of eligible projects include the development of strategic link roads and access works to unlock major mixed-use developments, enabling the delivery of homes and commercial space.
Also provision of flood storage capacity to enable the development of homes, employment space and retail space, or works to improve local connectivity and reduce congestion.
*See this week's Birmingham Post for our in-depth report on the Growing Places Fund announcement and interview with Danny Alexander.
The Government says it is ken to get the ball rolling as soon as possible with all £500m due to be allocated by the end of January 2012.
Mr Alexander, said: “This is a flexible fix-it fund that will make a real difference on the ground, improving the lives of local residents and boosting the local economy. From building strategic link roads to reducing congestion, the investment will set businesses free and create jobs.”
“The purpose of the fund is to provide resources to help people who are perhaps wanting to build houses in their local area but they need a link road built, or the land needs to be decontaminated, or flood defences need to be put in place.
“We’re making available half a billion pounds of public money to pay for that up front, so the developer can get on and invest millions of pounds more in building houses and employing people.”
Draft proposals for schemes which could benefit in Birmingham and Solihull are expected to be brought before the LEP board on November 24.