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.
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Plymouth asked to back multi-million pound loan to redevelop Union Street site
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.
11 Comments
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by jabbathebutt
Tuesday, March 05 2013, 11:22PM
“And this from a council that wont reduce its exorbitant rates for shops that are boarded up and a camera car that nicks you at every opportunity for daring to come into the city and stopping to drop your granny off .”
by jabbathebutt
Tuesday, March 05 2013, 11:12PM
“A word to Tudor Evans ... if this was a good idea then people would invest their own money in it . You talk as if the 5 million quid is yours and you are the great victorian benefactor . But there again ... your a labour guy ... so you would think like that .
Why the eff do morons vote for people like you ?”
by Hexdoll
Tuesday, March 05 2013, 10:49PM
“Why are they trying to build more commercial buildings when there are already plenty empty in the city centre? Putting fancy stickers over the windows doesn't make them go away.”
by Waltersmith
Tuesday, March 05 2013, 10:01PM
“@Dev52
It was only last year! I am living twice a fast as normal people”
by sasquatch1
Tuesday, March 05 2013, 9:18PM
“Thought the council had no money,so thats not the reason why they wont put into the airport then.Bunch of liars.”
by fiest1406
Tuesday, March 05 2013, 9:16PM
“Um about time somebody realised in the Council that we the people will be paying and not them? Tudor will be long gone when it all goes wrong. As other have stated we need investment in infrastructure rather then further white elephants? What use is building when the current roads are worse then 3rd world countries. Since Labour came into power article after article is about spending on frivolous projects nothing on issues such as roads? Further the mill fields trust is tax payer funded? Another social enterprise dressed up to fool taxpayers?”
by Dev52
Tuesday, March 05 2013, 7:53PM
“You are right WalterSmith! http://tinyurl.com/bjac9zo”
by catdaddy1214
Tuesday, March 05 2013, 1:10PM
“Use the money to fix the roads. Why is it that for important stuff they are always short on cash, but then suddenly has plenty for other ****!”
by Waltersmith
Tuesday, March 05 2013, 1:03PM
“I have read about this before - a couple of years ago.”
by pogle63a
Tuesday, March 05 2013, 12:31PM
“How can a council that already admits to having a budget black hole of millions of pounds act as a guarantor for anything? If the scheme was that sure to suceed they wouldn`t need someone to guarantee it. Let alone a Council who are busy shafting the population for more council taxes.
Should not be up to the taxpayer of this city to guarantee fundings nor should the Council even be considering gambling with our taxes.
Surely if an investment was sound it would have no problems getting backers from industry or anywhere else.
Sounds like we are about to done over yet again by our incompetant council.”