£20m funding bid gets green light
A proposal to bid for £20m of European Regional Development Funds (ERDF) to help urban development has been approved by Birmingham City Council's cabinet office.
The council-led scheme proposes to unite local authorities from across the West Midlands to secure new investment finance into the area. Councillors voted in favour of the scheme at a cabinet meeting this week.
Councils want to establish a fund through the JESSICA initiative; a project framework used across Europe which utilises revolving urban development funds.
The overall fund, worth £40m, will help the development of business accommodation, sustainable office and industrial projects.
Councillor Paul Tilsley, deputy leader of Birmingham City Council, said: "This is an exciting new proposal with the potential of bringing in vast amounts of development finance into the city with a rapid rate of return – it is an investment for business in the future.
"By working with other authorities across the region we can come up with a strategic plan that will give businesses a much needed boost when it comes to being competitive in the both the local and global market place."
