Tuesday, October 23, 2012
Money to be used to create fund for infrastructure projects.
The Exeter and East Devon Growth Point has secured £8 million of funding for infrastructure from the Government’s Regional Growth Fund.
The Growth Point has been given a conditional offer of £8 million, which is subject to completing a due diligence process - it is likely that the full award will be made in the new year.
It intends to use the funds to create a Local Infrastructure Fund (LIF), which could be used to fund projects such as roads and green energy schemes, or used to remove obsticles and kick start development.
The leader of East Devon District Council, Councillor Paul Diviani, said “It is quite clear from viewpoints on all the major highways; we are delivering substantial, dynamic development.
“Our success has been predicated on up-front infrastructure funding and we are over the moon that the Government has seen fit to allocate a substantial portion of the Regional Growth Fund to enable us to continue the process through the establishment of a Local Infrastructure Fund”.
The LIF will grow to become a self funded pot of cash, receiving ring fenced receipts from section 106 contributions, the community infrastructure levy, the new homes bonus and retained business rates.