£110m plan Town Deal bid handed to the Government
AN ambitious bid to transform Loughborough which could lead to £110 million being invested in the town has been submitted to the Government.
The Loughborough Town Deal sets out to revitalise the town centre, improve job and life skills for 5,000 young people from disadvantaged backgrounds and secure housing, leisure and commercial development.
Loughborough was invited to submit a bid under the Town Deal scheme and a board was formed to lead the project, which has now bid for £32 million from the Government, which could lead to £110 million total investment, with match funding.
The board involves a range of groups including Charnwood Borough Council, Loughborough University, Loughborough College, Love Loughborough, Leicestershire County Council, the Leicester and Leicestershire Enterprise Partnership, Charnwood Together Economy and Skills Group, various local businesses and Loughborough MP Jane Hunt.
The cash would also be spent on improving links between the east and west sides of town, from the railway station to the university and science and enterprise park, improve flood defences, reducing carbon emissions by encouraging use of electric vehicles and building the university’s reputation as a centre for innovation.
Planners also hope to use the money to attract more visitors to see the town’s heritage, by supporting Taylor’s Bell Foundry, Grand Central Railway and by improving the canal environment.
Councillor Jonathan Morgan, leader of the borough council and board co-chair, said: “We are incredibly excited to launch the Loughborough Town Deal bid and it could not have come at a better time as we face significant challenges due to the pandemic.
“We need to make sure we build back better and create opportunities for young people and businesses and build on the wonderful assets we already have like the university and college, the town’s heritage and Loughborough’s ideal central location. I would like to thank everyone who has been involved in bringing the bid together and I would urge people to support it.
“This will not only bring short-term improvements but also lay the foundations to make Loughborough an outstanding place to live, work and visit for many years to come.”
Dr Nik Kotecha, chief executive of Morningside Pharmaceuticals, said: “This is a once-in-a-generation opportunity and we have made a strong case to Government.
“Including match funding, the town deal has the potential to bring in £110 million of investment to Loughborough. We have thoroughly researched the issues and drawn upon partners to bring the bid together and at every step we have consulted and sought the opinions of residents, local business and other organisations.
“We have listened to what people have said and delivered a plan Loughborough can be proud of. I would urge people to get behind the bid.”
The Loughborough College Skills and Enterprise Hub in the town centre will be the first step in implementing the plan and already the town’s fund has awarded Loughborough Town Deal £750,000 to kickstart the joint project with Charnwood Borough Council.
The council has purchased the former Crawshaws Butchers building in Market Place where the hub will be located.
The centre will offer guidance and support to people who want to boost their careers or get into work.
Loughborough University will also be involved by providing advice and mentoring to people wanting to start up their own businesses.
Jo Maher, principal and chief executive of Loughborough College, said: “We are extremely excited that our expert team will be based in the heart of town to help unlock the potential and career aspirations of local people in our community.
“We’re proud to be working with our partners, including Loughborough University, to deliver this ambitious project as part of the Loughborough Town Deal.
“The Careers and Enterprise Hub perfectly positions the college to support the town’s skills-led recovery from Covid-19.
“The hub is just one part of our wider offer which also includes T-Levels from next September, award-winning apprenticeships and fantastic job placement opportunities, including the Kickstart Scheme. It is a really exciting time to be part of the Loughborough community.”
The plan would also seek to rejuvenate the town centre and encourage more people to live and shop there.
Technology will be integral to the modern town centre, with ambitions to have automated transport systems such as driverless vehicles.
Professor Tracy Bhamra, Loughbor
ough University Pro Vice-Chancellor for enterprise, said: “The town deal represents a really exciting opportunity to enhance the social, cultural and economic wellbeing of Loughborough and the university is looking forward to working with local partners to drive local growth and regeneration.”
Jane Hunt, MP for Loughborough, said: “The launch of the town deal is a hugely exciting time for Loughborough and there are some really positive developments on the horizon.
“One of those is the launch of the new skills and enterprise hub in the town centre which will really help people to access new training and development packages.
“I’d like to thank all local partners who have been involved; there has been a huge amount of hard work put in and I am looking forward to an exciting future for Loughborough.”
For more information on the bid, visit the Loughborough Town Deal website.
The bid has been submitted to the ministry of Housing, Communities and Local Government.
It will be assessed before a decision is made, which is expected to be in 2021.
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