Ambitious plans to attract more than £600m of inward investment and create 5,000 new jobs for Middlesbrough have been revealed.
Middlesbrough mayor Dave Budd and interim chief executive Tony Parkinson have unveiled the town’s first ever Investment Prospectus, with a clear focus on regeneration, enterprise and job creation.
The council will invest £68m over a four-year period as part of the plans, which include a Media and Innovation Village in the town centre.
New regeneration will transform more than 57 hectares of land, with the development of an estimated 1.7 million sq ft of new business accommodation.
The town’s growing population – another key element in securing Middlesbrough’s long-term financial future – will be drawn to more than 5,500 modern family homes to be built across the borough.
The Investment Prospectus builds on recent successes – including more than £500m of committed investments – and charts a course for the next phase in Middlesbrough’s journey.
The plans are also underpinned by the recent confirmation of the council’s first ever four-year Local Government Finance Settlement, which gives the authority greater certainty over its finances and strengthens its ability to plan both for efficiencies and for investment.
The strategy is also closely linked to the Mayor’s Vision for Middlesbrough 2025, which outlines aspirations for a ‘Fairer, Safer and Stronger’ town.
The Investment Prospectus identifies seven key areas which have vital roles to play in Middlesbrough’s future, including:
• The Commercial and Cultural District
• Business and Enterprise
• The Railway Station and Historic Quarter
• The University Quarter
• Teesside Media and Innovation Village
• Growth and Prosperity through housing
Mayor Budd said: “We are on the verge of an important new era which will build on Middlesbrough’s rich heritage and drive the town forward as a beacon of 21st Century ambition and prosperity.
“This Investment Prospectus clearly lays out the priorities which will enable us to attract cutting edge enterprise, accelerate forward-thinking regeneration and deliver the services a modern city demands.
“These are still tough economic times, and the Council and the town as a whole have felt the impact of savage budget cuts.
“But the period of austerity has only strengthened our resolve to ensure Middlesbrough continues to look to the future with considerable confidence.
“These are the realistic and deliverable transformations – many of them already well in train – that will underpin Middlesbrough’s long-term future as the city at the heart of the Tees Valley City Region.”