Plans to unlock £160 million in government grants have taken a notable step forward as the final steps are taken to formalise the East Midlands Investment Zone (EMIZ) - part of which will be on the edge of Worksop - helping to create new jobs, increase productivity and boost the local economy.
Bassetlaw District Council Cabinet members have agreed to progress to the next stage of the proposed EMIZ which will include three sites: the Centre of Excellence in Modern Construction (Bassetlaw and Bolsover); Infinity Park Derby (Derby City and South Derbyshire); and Hartington Staveley (Chesterfield).
The EMIZ is intended to act as a catalyst for new investments from existing companies in the region, including Laing O’Rourke in Bassetlaw and Rolls-Royce in Derby.
Together, these sites are intended to support growth in the green industries and advanced manufacturing sectors across the East Midlands as a whole. It’s expected they will collectively help to bring in over £380 million in private investment and upwards of 4,000 jobs to the region.
By continuing to be key partners in this inward investment strategy, Bassetlaw District Council can bid for flexible funding in the future worth around £120 million which it can spend on areas including skills, local infrastructure, business support and research and innovation. This could be anywhere in the district, including projects associated with the STEP fusion energy project at West Burton.
Cllr James Naish, Leader of Bassetlaw District Council, said:
“We are pleased to see that once more, Bassetlaw’s potential as a vibrant place to live, work and do business is being recognised as one of only three parts of the East Midlands to be part of the emerging East Midlands Investment Zone.
“By continuing to engage and work at a regional level, the Council and its partners will be able to accelerate the transformation of the district into a hub for new technologies.
“We welcome the opportunities that this will bring to secure new investment; to create high-quality apprenticeships and jobs; and, ultimately, to improve life chances for Bassetlaw residents.”
The financial incentives on the three sites – totalling 95 hectares in total – will initially last five years with the potential for a further five-year extension. Bassetlaw District Council’s Cabinet has given permission to enter into a Memorandum of Understanding with the new East Midlands Mayoral Combined County Authority (EMMCCA).
It is expected that investment incentives at the Laing O’Rourke Centre of Excellence in Modern Construction (CEMC) on the edge of Worksop, will fast track the development of a modular construction hub and an apprenticeship training academy, boosting local productivity. Linked with the University of Nottingham this vital economic boost will create positive opportunities for raising the skill sets of local residents.
The latest Cabinet paper details how the EMIZ will be established at the start of next month when the East Midlands Mayoral County Combined Authority (EMMCCA) is formally created.
Last Updated on Monday, April 8, 2024