Hertfordshire LEP have submitted their bid to Government for £87.13m Growth Deal 3 Funding. This will leverage support from private and public sector partners to create a £524.55m investment package for the county.
The projects funded by the Growth Deal are expected to deliver:
• 6,731 new homes between 2017 and 2031;
• 13,133 new jobs between 2017 and 2031;
• 2,655 new apprenticeships between 2017 and 2021;
• 124 new businesses in the Enterprise Zone between 2017 and 2031.
The projects in order of priority are:
1) Stevenage First: Stevenage Railway Station Redevelopment
Our top priority is a part of a long-term scheme to construct a new railway station in Stevenage to replace the existing outdated and inadequate station. This project will complement Network Rail's decision to build a fifth platform that will increase transport links to Stevenage and improve the day-to-day experience of commuters.
2) Enterprise Zone: Open Innovation Hub
Establishing an enterprise and innovation hub on the BRE campus in South West Hertfordshire. This will replace a derelict building with a new facility offering office space and other resources to local businesses and start-ups.
3) Enterprise Zone: Infrastructure Interventions
Upgrading transport links that serve the new Enterprise Zone at Maylands Business Park, Hemel Hempstead. This will improve existing traffic and travel conditions in the area, improve access to the Maylands industrial area, and make sustainable travel methods more feasible for commuters.
4) Skills Equipment and Estate Fund
Setting up a loan and associated grant fund in order to support Hertfordshire-based skills providers to ensure that they are able to meet the skills-related needs of local employers. This includes supporting the development of a virtual Institute of Technology across Hertfordshire, allowing for increased education and specialisation in STEM areas.
5) Dacorum Campus Phase II
Creating a flagship campus in Hemel Hempstead which will provide a sub-regional place of excellence for local business and people, delivering a broad based Engineering curriculum to meet the demand posed by the growth of electronic and software engineering sectors.
6) Essex Road, Hoddesdon
Carrying out major improvements to the infrastructure at the gateway to the Essex Road major employment area in Hoddesdon. This will involve making improvements to the bridge over the New River, along with the road links either side of it.
7) A10 Buntingford
Carrying out major improvements to the roundabout on the A10 where it meets London Road, the southern exit from Buntingford. This will address capacity issues on the roundabout which are likely to arise from future developments around the town.
8) A414 Growth Corridor
Developing an overall transport and growth strategy for the A414 transport corridor. This includes commissioning a detailed study to examine the transport needs of emerging growth options, and looking at how the needs can be delivered along the A414 between Harlow to the east and Hemel Hempstead to the west.
We expect the decision on funding allocation to be announced in the Government's Autumn Statement.
To date we have successfully secured £221.5m Growth Deal funding to support infrastructure development, enterprise & innovation and skills & employment.
Read our submission in full and find out more about the Growth Deal here.