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Business leaders support fund to boost city's economy
Plans to create a dedicated fund to finance initiatives that boost York's economy, creating jobs and securing investment have received support from business leaders.
The initiative, which will be considered by City of York Council's Cabinet along with other proposals for the 2012-14 budget, is being called the Economic Infrastructure Fund (EIF). Under the plans, the Fund would total £28.5m over a five-year period and would be used to deliver major economic benefits for the city.
The Fund will focus on five key themes:
Get York Moving - including Access York Park and Ride, Better Bus Fund, Highways Infrastructure
Digital York - City Centre Wifi and creating the digital infrastructure to enable a modern economy
Reinvigorate York - city centre regeneration and public realm improvements
Economic Inclusion York - intervention projects, reducing inter-generational poverty, targeted approaches to creating employment opportunities whilst stimulating economic growth
Sustainable Economy York - supporting existing businesses, attracting inward investment and supporting new/emerging green businesses
The plans have already received the support of two of York's key business leaders: Peter Kay, Chair of York Economic Partnership, and Susie Cawood, Head of York and North Yorkshire Chamber of Commerce.
Peter Kay, said: "I fully support any initiative designed to boost York's economy. Job creation is vital to replace those that are being lost through this recession. To do this it is vital to encourage investment in new and emerging businesses in the city. The proposed Economic Infrastructure Fund could provide assistance for those businesses, which may have difficulty accessing finance but yet have a good case for being supported. It is important that this fund is properly managed and wherever possible repaid and recycled for further business growth."
Susie Cawood, said: "The Chamber of Commerce supports development, expansion and investment in the city in order for our economy to grow and prosper so we strongly support the City of York Council's initiative." If agreed, the EIF would be funded from two sources; the New Homes Bonus (NHB) and Prudential Borrowing, with potentially any gains from the localisation of business growth being used to cover the borrowing costs associated with the EIF.
http://www.york.gov.uk/news
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