Funding earmarked for projects supporting re-use of brownfield land and buildings.
The Black Country LEP launched the Black Country Land and Property Investment Fund to an audience of businesses, landowners and developers on Tuesday 7th November at West Bromwich Albion FC.
The £150 milloin fund has been earmarked for the Black Country to invest in projects which support the re-use of brownfield land and buildings and the delivery of supporting infrastructure within the Black Country. The funding has been made available by the West Midlands Combined Authority as one of a range of publicly operated funds designed to support economic development across the Black Country.
The LPIF is designed to support the delivery of key projects, where there is demonstration of market failure, by de-risking private sector investment and addressing a number of challenges including adverse ground conditions, poor infrastructure, abnormal site remediation costs and providing gap funding to bridge the viability shortfalls on schemes.
Tom Westley, Black Country LEP Board Member said: “I am delighted to announce the Black Country Land and Property Investment Fund. The fund will enable investment to secure new housing, industrial and commercial development and is important part in our transformational journey in the Black Country building new homes for our residents as well as developing sites identified to support our world-class manufacturing sector.”
The fund is available to landowners/developers with an appropriate legal interest in the site. Projects will be prioritised based upon strategic importance, value for money and deliverability.
The fund is currently open for applications for funding awards from January 2018 onwards, with £53 million available up to 2021 and a further £97 million earmarked to the Black Country for subsequent six years.