Regeneration fund created to bring jobs to Derby receives £7.5m boost from council
DERBY City Council is boosting its regeneration fund by £7.5 million.
The council's decision to increase the fund was announced this morning at international property show MIPIM – Le Marché International des Professionnels de l'Immobilier – where representatives of the council and the city's business community are attending to encourage investment in the city.
Launched in February, 2010, the fund originally totalled £10 million and was designed to be used to help developers overcome hurdles to starting large-scale projects. Since then, it has been used to help a number of businesses investing in the city.
It was used to attract call-centre operator HEROtsc, now known as Webhelp TSC, to Pride Park, where it now employs 1,200 people.
It was also used to encourage developer Lowbridge to begin building work on the multi-million-pound Friar Gate Square offices. In addition, the derelict Full Street magistrates' court is to be turned into offices, meeting rooms and a café in a £3 million revamp subsidised by the original £10 million pot of cash.
Council chief executive Adam Wilkinson said: "The regeneration fund has given Derby City Council flexibility to respond to companies' needs in very quick time – a result of which is the creation of thousands of jobs in the city.
"Job creation remains a corporate objective and increasing the regeneration fund is an illustration of how seriously we take this."
MIPIM, held in Cannes, France, is being attended by the council, Marketing Derby and senior figures from the city's business community to make contact with both UK and international investors who can help drive the city's economy and increase employment opportunities.
Local Enterprise Partnership D2N2 has brought together local authorities in Derbyshire and Nottinghamshire for a joint exhibition stand at the show.
Today's presentation at the event draws attention to the project to build a £20 million Olympic swimming pool complex by the Riverlights bus station and a velodrome on Pride Park.
Work on the pool is due to start in 2014 with completion expected the following year, while construction work on the velodrome is under way and is set to open in 2014.
Mr Wilkinson said: "Derby's velodrome will be the UK's fifth and has already attracted interest from cycling groups across the UK."