Growth Fund creates and safeguards 1,400 jobs
Telford & Wrekin Council’s £50m Growth Fund has helped to create about 1,000 new jobs and has safeguarded a further 400.
The Growth Fund enables the council’s Estates and Investments team to react quickly to investment opportunities that come to the market.
It also supports the growth of the council’s property investment portfolio bringing additional essential income into the council to support service delivery and makes the borough attractive to investors.
The fund is a key part of the Council’s drive to create a better borough and invest in infrastructure to attract and retain business.
A report to the council’s cabinet, which meets on July 13, says that in less than 18 months £29.3m has been committed to a range of investments.
Through the investment of the full £50m, the council is set to generate over £3m a year in additional gross income.
Councillor Lee Carter, Telford & Wrekin Council’s cabinet member for Finance, Commercial Services and Economic Development, said: “The Growth Fund, alongside the Telford Land Deal and wider Enterprise Telford offer, has been key in a number of major investments and is continuing to attract interest locally and regionally.
“High profile investments include Magna International’s multi-million pound investment into T54 will act as a major stimulus to the local supply chain, creating hundreds of new jobs.
“The Council has also acquired the Audley Avenue Industrial Park in Newport – which will safeguard the future of 13 businesses and more than 160 jobs.
“Other investments set to deliver a significant return include the Travelodge in the Town Centre. We have also recently acquired an existing property investment at Halesfield 25.”
The report also says that the Council is looking at opportunities to manage commercial premises belonging to third parties, including lease renewal, rent reviews, rent collections.
A large regional charity has approached the Council to support them to invest a proportion of their capital reserves into commercial property.
This extends the opportunity for supporting further business expansion or new investors to land and new job creation. Cabinet is being asked to approve delegated powers to allow this activity to progress.