Erewash MP Maggie Throup has welcomed news that a project in Stanton-by-Dale is to be part of a £63million regional development initiative.
The Foundry Park plan for 8,100 square metres of new working floorspace on the site of the former Stanton Ironworks foundry has won support from the Government.
Sajid Javid, Secretary of State for Communities and Local Government, announced the move after considering regional applications to the Local Growth Fund (LGF) on Thursday, March 9.
Mrs Throup said: “This decision acknowledges the Government’s commitment to investing in the Midlands Engine, and I am determined to make sure our area plays an integral part within that long-term strategy.”
The money will be routed via the D2N2 Local Enterprise Partnership, which is aiming to support 20 projects in Nottinghamshire and Derbyshire.
Each of those projects’ proposers will need to submit an individual business plan to bid for a share of the £63m.
Erewash Borough Council is leading the Foundry Park development, and early estimates suggest it will seek £4.2m from D2N2 to add to £9.2m from other partners.
The LGF-backed first phase of the project would see 2.11 hectares of land redeveloped, before later phases covering 6.75 hectares for employment use.
Of the £39m D2N2 invested in 14 LGF projects in 2015/16, 64 per cent of construction contracts were delivered by companies based within 20 miles of the LEP’s area, and the aim is for Foundry Park to create 500 new jobs.
D2N2 chairman Peter Richardson said: “This is a significant investment in the area’s economy.
“In a time of tight public spending D2N2 has been awarded almost two-thirds of the money it bid for.
“This shows the Government’s faith in what we have done with Local Growth Fund money received so far.”
All money is to be allocated to projects within five years.