Nottingham set for 'city deals' verdict5 July 2012 Nottingham will learn later today (5 July 2012) what additional powers are to be transferred from Whitehall under the 'city deals' initiative.
The centrepiece of the city's proposals is a new 'Creative Quarter' which is expected to create up to 7,000 jobs. A Â£45m venture capital investment fund is also part of Nottingham City Council's plans.
Under the city deals initiative, the government aims to shift power from Whitehall, which it hopes will attract private sector investment and create new jobs. This includes giving cities additional powers over planning, transport and their finances.
The cities involved in the first wave of the scheme are Birmingham, Bristol, Leeds, Liverpool, Manchester, Newcastle, Nottingham and Sheffield.
Communities secretary Eric Pickles, along with council leader Jon Collins, will announce details of the new powers at Antenna in the city this afternoon.
The Â£45m investment fund, which has potential for a further Â£10m, will be made up of Â£25m from the government, city and county contribution from pension funds of Â£10m, and up to Â£10m from the private sector.
The investment will be focused on the city's flagship Creative Quarter, which includes the areas of the Lace Market, Hockley, Broadmarsh East, the Island site and Biocity.
Businesses will be able to apply to a Nottingham-based fund manager for loans of anything between Â£100,000 and Â£1m, and in exceptional cases up to Â£5m.
Super-fast broadband is proposed for the quarter, along with a package of other infrastructure improvements aimed at making the city more attractive to investors.
Jon Collins said: "In Nottingham we have much to be proud of. Our city is safer, cleaner, and greener than it has ever been, and through our investment in projects like the tram and the station we have delivered major improvements to infrastructure.
"But we cannot stand still. Through our growth plan we will help Nottingham become, once more, a city that designs and makes things.
"Key to the city deal is Nottingham's new Creative Quarter. This is a significant step forward and a bold statement that Nottingham is prepared to think differently to effect change.
"This deal provides a platform for the next generation of Nottingham entrepreneurs to carve out their future, create opportunity and jobs, and lead Nottingham to an exciting new future."