Plymouth asked to back multi-million pound loan to redevelop Union Street site
Plymouth is to be asked if it will guarantee a loan that would see 50 new workspaces built in a property in Union Street - potentially creating 200 jobs.
Plymouth City Council is to discuss whether it will support the £5.12 million building project by backing a loan for most of the cash.
At a meeting on March 12, the Cabinet will be asked to consider whether the council can act as guarantor for a loan so the Millfields Trust can redevelop a flagship building on Union Street.
The proposals would see 50 new workspace units built in Block C, creating up to 200 new jobs and forms one of the Council’s ‘Plan for Jobs’ projects.
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The project is also part of the Urban Enterprise Programme in Plymouth, a job creation programme designed to equip unemployed people with the advice, skills and knowledge to set up their own business.
Council Leader, Councillor Tudor Evans said: “This is an exciting project that could make a real difference in a disadvantaged area of the city. We have said that creating jobs and strengthening our economy are priorities and we are working co-operatively with partners to deliver.
“This project is an important part of our plans. Building an enterprise hub will give budding entrepreneurs access to workspace so new businesses can grow and flourish, help rejuvenate Stonehouse and create up to 200 jobs.”
The Millfields Trust would provide £460,000 and apply for £2.56 million pounds from the European Regional Development Fund and £2.1 million from the Growing Places Fund, administered by the Local Enterprise Partnership.
The LEP has indicated that the Council acting as guarantor will be a condition of their funding offer.
Roger Pipe, General Manager of Millfields Trust added: “The Millfields Trust is extremely grateful for the support from Plymouth City Council and we hope by the end of March to have some exciting news that will begin to change Union Street and have a positive impact on the area.”
This project is one of 19 that make up the ‘Plan for Jobs’ which aims to create several thousand jobs as part of an innovative plan that brings together actions and commitments from city organisations to pump energy, motivation and substantial funding into the local economy to stimulate growth and jobs.