The Birmingham City Centre Enterprise Zone will receive an additional £15m in funding to support new development projects. The Zone consists of 26 sites in various locations around the city. Over the next 25 years, they have the potential to deliver 1.3 m square metres of development and create 40,000 jobs within key industries, such as financial services, the creative industries, and financial services.
Birmingham City Council approved a £128m investment plan to start the EZ. Specific allocations were made for the redevelopment of Paradise Circus and the extension of the Midland Metro. The plan also includes £15m for a site development and access fund.
The fund has secured backing from Birmingham City Council’s cabinet. It will be able to offer grants and loans to developers who have been struggling to access the funds they need for projects.
Cllr Tahir Ali, the cabinet member for development, jobs and skills, commented recently that Birmingham has a well-deserved reputation as a “city of enterprise and innovation” and that it offers a number of opportunities for business and employment. With the funding in place, some of the barriers to finance will be overcome and encourage private sector investment and generate additional business rates.
Chris Webster, the board director of the Greater Birmingham and Solihull Local Enterprise Partnership with responsibility for the Enterprise Zone stated that at a number of sites, including Arena Central and Snow Hill, there is already “tangible progress” being made with the EZ.
There are also other important projects in the pipeline, sites that may require support to get them off the ground due to the challenges that developers face in getting proper finance.
The cash injection will be able to provide funding to get the work up and running in a
Expressions of interest for grants administered by the city council and loans by Finance Birmingham are now being invited. The access fund will contribute to the overall EZ by helping to increase the amount of commercial space. It will attract inward investment and create new job opportunities.
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