LEP funding boost for Enterprise Zone
The Leeds City Region Enterprise Partnership (LEP) has agreed a £4m loan with developers, Aire Valley Land, that will kick-start work on the Temple Green site of the Leeds City Region Enterprise Zone and lead to the creation of thousands of new jobs.
The LEP loan will be used to accelerate development on the 350-acre site by funding ground work and remediation, as well as the construction and installation of key enabling infrastructure. The investment will provide an immediate boost to local construction employment, with 20 jobs set to be created during the initial phase of work. Fully developed, the Temple Green site is forecast to deliver a cumulative economic impact to the City Region economy worth £1.5billion by 2021.
The Temple Green site – the largest on the Leeds City Region Enterprise Zone – will ultimately become a focal point for investment in sectors expected to make some of the biggest contributions to jobs and economic growth in the City Region in the years ahead, including health technologies, modern manufacturing and the supply chain, logistics and distribution.
The Enterprise Zone is a significant and strategically important development site for the Leeds City Region, with the potential to create up to 7,000 jobs. The Zone now benefits from assisted area status, meaning companies can apply for higher levels of public sector support than elsewhere.
Roger Marsh, Chair of the LEP, said:
“Given the strategic location of the Enterprise Zone and the enormous potential the site has to offer investors, I am pleased the LEP has been able to support the site with a Growing Places Fund loan.
“Temple Green is the largest site in the Leeds City Region Enterprise Zone and makes up nearly 50% of the whole Zone. Enabling development to start on the site as soon as possible is very important to the long-term success of the Zone, and will ensure that the benefits in terms of job creation and new investment will be felt across the entire City Region.”
James Pitt, Development Director of Evans Property Group said:
“The works facilitated by the LEP funding and the government’s Building Foundations for Growth grant have ensured the deliverability of this strategic site. We can begin realising our vision of creating a major Leeds logistics hub now that the site is development-ready and in turn start the process of bringing inward investment and jobs to the city.”
Developers, Aire Valley Land – a joint venture between Evans Property Group and Keyland Developments – have been working closely with Leeds City Council on delivery of the Temple Green site, which also incorporates a 1,000 space park and ride interchange.
In addition to the LEP Growing Places Fund loan, the Council recently announced that £5million funding had been secured through a government Building Foundations for Growth grant to unlock and accelerate remediation and infrastructure works on the Temple Green site.
Cllr Richard Lewis, Leeds City Council’s executive member for transport and the economy said:
“I welcome the strong partnership working between the LEP, Leeds City Council and the private sector to deliver new investment and jobs in the Enterprise Zone.
“It’s great to see that Aire Valley Land is pressing ahead with this development opportunity to attract modern manufacturing firms. The Enterprise Zone has unrivalled benefits for businesses to take advantage of, and I look forward to seeing these developments take shape and for companies coming forward to snap up the units.”
The LEP’s Growing Places Fund is currently open for applications from businesses based or looking to invest in the Leeds City Region. Loans of between £500,000 and £1m are available to support infrastructure projects that will help accelerate economic growth, deliver new jobs and remove barriers to development. For more information, please visit: business.leedscityregion.gov.uk/GPF