Statement On £123 Million For South Tees
Ben Houchen, Chair of South Tees Development Corporation.
On behalf of the board of the South Tees Development Corporation, I welcome the announcement today of the budget provision of £123 million. This will now allow the Corporation to make significant progress on site.
On the basis of the proposals we put to government, we have established indicative plans for the investment of this funding to maximise the opportunities for inward investors, and to ensure the integrity and safety of the site:
Around £68 million will be used to maintain the site in a safe and secure condition over the next 4 years.
Around £50 million will be used for our first phase of remediation work to make areas of the site ready for investment.
£5 million will be used to support the delivery of the Development Corporation itself, including technical investigations and marketing the site to investors.
We continue to receive substantial interest in the site. This investment will help prepare the ground for the delivery of our Master Plan bringing new jobs and investment to the area. We will continue to work closely with central government as we bring these plans forward for delivery.