The Growing Places Fund can provide investment for capital infrastructure proposals.
The LEP’s Growing Places Fund provides investment for capital infrastructure projects that aim to create economic and employment growth. Projects invested in are those that deliver against the LEP’s objectives and which are ready to proceed but have stalled due to funding issues.
Growing Places is operated as a revolving fund so investment is, principally, made on a loan basis with returns re-invested into further projects.
All proposals will be diligently assessed through a technical appraisal looking at the Strategic, Economic/Market, Financial, Commercial and Management business cases for investment that encompasses a set of criteria which includes:-
- The contribution the project makes towards the LEP’s strategic objectives and priorities;
- The level of job creation facilitated;
- The impact of the project on the wider economy;
- The ability to repay the loan finance provided with interest;
- The achievement of value for money;
Proposals going forward will be considered by a LEP Board Member Investment Panel for investment decision.
Status: Open For Applications. Due to the success in recycling funds from original investments made, the holding fund balance is currently £1,101,869.
Successful capital investment awards to date are:
- Scarborough Borough Council (£2.5m) re: enabling site infrastructure works to facilitate the expansion of Whitby Business Park.
- North Yorkshire Moors Railway (£0.5m) re: enabling necessary capital infrastructure upgrades to the railway, facilitating the opening up of the direct route from Pickering to Whitby.
- The Potter Group (£0.9m) re-enabling site infrastructure works to create a new business park A1M50 Melmerby Business Park, Ripon.
- The Department of Environment, Food and Rural Affairs (£2.7m) re: enabling site infrastructure upgrade and development works at the National Agri-Food Campus at Sand Hutton, York.
- Bishopdyke Enterprises Limited (£3.1m) re-enabling site infrastructure works to develop a new warehousing business park, Sherburn2, Sherburn-in-Elmet.
The YNYER LEP Board also previously approved £195k to assist with capital infrastructure project development costs to help stimulate the capital project pipeline within the LEP area. Funded proposals were:
- East Riding Council £20,000 – master plan and business plan fees to support the Bridlington Harbour & Marina project.
- FERA £30,000 – market assessment survey fees to support the Agri-Tech Centre of Innovation for Crop Health and Protection (CHAP) capital build bid.
- Hambleton DC £30,000 – survey fees in connection with the redevelopment of the former prison site in Northallerton.
- Hambleton DC £30,000 – feasibility study fees to address flooding issues at Dalton Industrial Estate currently restricting growth and development.
- Ryedale Council – £25,000 – consultant fees for a transport/highways study to open up future growth and development at Kirkbymoorside.
- Ryedale Council – £30,000 – study/assessment fees to open up future growth and development land at Thornton Road Technology Park, Pickering.
- Richmondshire DC – £30,000 – feasibility study fees to assess site usage and redevelopment of the former Cleveland Steel & Tubes site at Weatherald Woods.