Coast to Capital Delivering Economic Growth Growing Places Fund

1. Coast to Capital Delivering Economic Growth Growing Places Fund

2. Growing Places Fund The Growing Places Fund is a government programme to provide funding to unlock stalled infrastructure and building projects, in order to create economic growth. The funding is managed by Coast to Capital and allocated to projects following agreed criteria. • Central government have allocated Coast to Capital £23 million • To date the board has allocated £14 million towards five projects • A total value in excess of £173m and will potentially provide over 2000 jobs. Capital is provided on a loan basis to ensure that the fund can be recycled and used on further, future projects.

3. First Five Projects • In April the Coast to Capital Board announced the first successful projects to be awarded significant funding from the Growing Places Fund: • Airfield Park, Bognor Regis • Brighton i360 • Caterham Fast Fibre Hubs • Malling Brooks, Lewes • Ruskin Square, Croydon

5. Airfield Park, Bognor Regis An exciting proposal which will deliver a major part of Arun District Council’s enterprise@BognorRegis vision for a strategic development at North West Bognor Regis. The proposal is for the redevelopment of the former Lec Airfield and adjacent land with mixed use employment-led development. The £6m of GPF funding will be used to fund infrastructure works required to unlock around 100,000 sq ft of business space and bring additional investment to create up to 800 jobs.

6. Brighton i360 A private sector led £35m visitor attraction developed by the that delivered the London Eye. The design was given unanimous planning approval in 2006 and will be built close to the West Pier site. £3m of GPF funding will provide the final catalyst to complete the seafront development strategy and therefore contribute to the wider economic resilience and development of the city. It is recognised that the i360 will create up to 400 jobs, and due to it being iconic in scale and design will raise the profile of the city and the region on the national and international business, convention and tourism stage and attract upwards of 800,000 visits per year.

7. Caterham Fast Fibre Hubs • A proposal put forward by a community based partnership known as ABC – A Better Caterham. The project is to create ultra fast internet connections, to encourage new digitally based enterprise and assist existing companies, the Surrey town of Caterham. • The project will take broadband via fibre to those connected to the hubs at rates of up to 100 Mbites • A network of hubs will start at three key locations around the town with further sites under discussion. • £0.163m of GPF funding will enable the town to create a strategic resource and has encouraged an innovative development that could be a model for others to adopt. If the hubs and the businesses accessing them stimulate the anticipated new business, ideas and growth, additional hubs and uses for available commercial space in the town is anticipated. 50+ jobs are also intended to be created with this proposal.

8. Malling Brooks, Lewes Part of the two phase regeneration of Lewes town centre. The Growing Places Fund proposal concentrates on phase 1 which is the development of fit for purpose industrial premises on what is currently a fallow site in Malling Brooks, off Southdowns Road, Lewes. The scheme will include the relocation of at least one local business that might otherwise be forced to move outside Lewes to find suitable accommodation. The £1.2m of GPF funding acts as a catalyst in respect of meeting the considerable costs of associated infrastructure works required to progress the Phase 1 scheme. On completion, the development will enable the second planned phase of investment in a mixed use redevelopment of the North Street Quarter, with around 200 jobs to be created.

9. Ruskin Square, Croydon A nine acre mixed use site adjacent to East Croydon Station. The proposal is to provide 1 million sq ft of grade 'A' office space and 550 new homes next to a major transport hub and will create a new business and residential quarter at the 'front door' to Croydon and lead the regeneration of the whole of Croydon's central district.  The outline planning consent complements the East Croydon Masterplan, led by Croydon Council, which will deliver £20m of improvements to the Station, including a new bridge, that will be delivered in mid 2013 providing a second Station entrance.  The £4m GPF funding is expected to unlock the first phase of 170 residential units and the associated works for the new route between the town centre and East Croydon Station and it is intended that approx. 400+ construction jobs and 350 permanent jobs are likely to be created.

10. Further Investments • Coast to Capital are seeking further investment opportunities to unlock infrastructure and development. • The project must be: • Able to contribute to Coast to Capital’s strategic goals for employment growth • In the Coast to Capital area. • Unable to go ahead without the investment from the Growing Places Fund • Ready to commence quickly • Able to repay with a clear mechanism • In need of £250,000 or more (special consideration may be given to broadband projects) • Agreed with the local area partnership • Environmentally sustainable

11. Contact Us • For more details on the Growing Places Fund • contact Emma Davies • emma.davies@coast2capital.org.uk