Gateshead Council set to invest £307m into the borough over the next 5 years
Gateshead Council has announced that an extra £307m capital investment will be pumped into the borough over the next five years.
The capital programme will see significant levels of money invested into the local economy, housing regeneration and carbon management in order to maintain financial stability in a time of increasing cuts.
The schemes will encourage economic and housing growth in particular helping to facilitate the development of over 1000 new homes and could attract almost £470m of private investment.
The funds were agreed by councillors on 22 February and include £35m to facilitate the wider development of Gateshead Quays where the Council is working with development partner Ask Real Estate and Patrizia UK. This project has the potential to create more than 1,100 new jobs and generate £29m each year for the region's economy.
Further development of Baltic Business Quarter and Follingsby Industrial Estate set at £22m has the potential to create a further 2,100 jobs and provide workspace for our growing SMEs.
£90.7m has been set aside for improvements to the Council's housing stock and will include heating upgrades, insulation measures and external improvements and the provision of 21 new Council homes.
£2.1m will go towards supporting the extension of the award winning Energy Network which provides low carbon energy solutions whilst generating revenue savings and £11m will go towards a new 50-60 bed rehabilitation health and social care centre.
Other schemes include £1m for leisure centre improvements and £5.6m to support the delivery of highway maintenance and road safety improvements.
Cllr Martin Gannon, Leader of Gateshead Council, explained: "We've lost half of the money that we used to receive from central government and this is challenging but we are committed to making Gateshead a place where everyone thrives. Investing and growing the local economy helps us to do that.
"We will bring more jobs to the area, support and retain new businesses and build more affordable homes for the people of Gateshead.
"The planned investment may be ambitious but it has been set at a level which is considered sustainable and our major projects will involve consultations with the community."