A £250 million investment fund could be used to fund developments like an indoor sports arena in West Yorkshire.
West Yorkshire Mayor Tracy Brabin will put forward proposals for a new £250 million capital investment fund for non-transport schemes at a full meeting of the West Yorkshire Combined Authority later today (Thursday).
The new fund will complement the £2.5 billion being spent on transport infrastructure by the Mayor to better connect the region.
If the fund is approved, the Combined Authority will borrow against a proportion of its £38 million of flexible funding it receives each year from the Government, to create a much larger investment fund.
It will be used to “get major projects off the ground and leverage up to £900 million of total investment alongside the private sector.”
Among possible developments are a proposed 5,000 seat indoor sports arena – something that was first touted by the authority last year.
The fund could also be used to kickstart redevelopment and housing schemes and support higher education.
A report into investment priorities by WYCA going to the meeting refers to the proposed arena, saying: “A feasibility study is underway to explore whether a multi-use indoor sports arena could be built in the region in partnership with the private sector and other institutional funders.
“West Yorkshire does not have such a facility whereas all other urban areas in England has at least one.
“This has an ongoing negative impact on the development of talent and stifle the growth of professional and amateur clubs alike. The proposed business model would enable a profit share to invest in grassroots facilities.”
Tracy Brabin, Mayor of West Yorkshire, said: “We have an ambitious plan for jobs and growth in West Yorkshire, but without the right investment, our region cannot fulfil its full potential.
“That is why I’m stepping in with this new multimillion-pound investment fund, that will deliver warmer and more affordable homes, as part of vibrant and thriving communities for local people.
“This is devolution in action – by investing in the future of our region, we will put more money in people’s pockets and build a stronger, brighter West Yorkshire for all.”
A stamen from WYCA says: “Areas that will be targeted for investment include:
- The region’s housing and regeneration hotspots, where planning permission has been secured for an additional 34,000 homes on brownfield land, and regeneration plans have been drawn up to develop new neighbourhoods that are linked to transport, social and creative infrastructure. Working with Homes England and developers, the Combined Authority will look to drive housing growth by investing in flagship schemes through new partnerships and delivery mechanisms.
- The region’s culture, heritage and sport infrastructure, including pitches, libraries and concert venues. A 5,000-seat, indoor, multi-use arena could be developed, depending on the outcome of feasibility studies and provided that other key investors can be secured. Investment in the region’s creative infrastructure will boost skills and jobs, while contributing to increased wellbeing and the creation of more vibrant communities.
- The region’s plans for a home energy revolution, where every social home is retrofitted and every private homeowner can receive advice or financial support to invest in home improvements that bring down bills. The Combined Authority estimates that every social home and half of private homes must be retrofitted to meet the Mayor’s target of net zero carbon by 2038.
- The region’s net zero ambitions, which will be supported through a new pipeline of green projects and five Local Area Energy Plans, co-created with the local authorities in Bradford, Calderdale, Kirklees, Leeds and Wakefield. The investment fund will help to unlock new renewable energy infrastructure such as onshore wind, and support the decarbonisation of existing assets such as buildings, businesses and transport.
- The region’s Further Education colleges, which are facing a rising demand for space and equipment from young people needing the right skills for local, well-paid jobs. While the level of colleges’ capital funding is set by the Government, the Combined Authority is exploring investment options to meet this growing and ever evolving need. This will help to ensure that people and businesses have the skills they need to succeed, and that the region has the labour market it needs to deliver its flagship transformational projects, including a fully integrated transport system and an ambitious retrofit scheme for all social homes.
By: Chris Young, LDRS
