Insider Media Limited

Prospect Leicestershire has been in talks with a group of American development consultants looking at investment opportunities in the region. The economic development company said that it had briefed a team on plans for Leicester’s New Business Quarter.

The team from commercial property specialist Integra Realty Resources had also been made aware of other developments in the area, said Prospect Leicestershire.

The two parties discussed how to kick start development using Tax Increment Financing, which has been available in the US for decades and is soon to be introduced to the UK market.

David Hughes, chief executive officer of Prospect Leicestershire, said: “Following the government’s spending review, there is less public money for major regeneration projects, so we need to explore new ways to attract investment.

“It’s important that potential developers learn about the opportunities in Leicester and Leicestershire, so we were delighted to welcome the team from Integra on their visit here.

Last year, the development company secured nearly £10m of public money towards the New Business Quarter project, but that funding fell victim to the spending cuts.

Hughes said: “Now is not the time to take the foot off the gas, and as substantial grants are unlikely to become available in the next few years, Leicester and Leicestershire need to secure a new set of financial offers to make the city and county competitive to attract private investment and new jobs.”