Bradford Welcomes £17m Investment The growth zone could potentially create around 2,800 jobs in the city centre.
Bradford has today welcomed the news that its bid to secure £17.6m of Regional Growth Fund investment in the Bradford city centre has been successful.
Combined with Bradford Council's resources, the investment will support new and existing businesses that commit to long term investment and growth in the city centre's growth zone.
Eligible businesses who locate in the zone will be able to claim a proportion of their business rates over three years providing they create training and employment opportunities for local people.
The Council will also continue to work closely with the business community to identify other potential support, including planning and recruitment assistance.
The growth zone could potentially create around 2,800 jobs in the city centre.
Coun David Green, Executive Member for Regeneration and Economy, said: "This is great news for Bradford and it is positive to see the Government has recognised the potential of the city centre.
"We worked hard to secure this investment, supported by Liberal Democrat group leader Coun Jeanette Sunderland. It will provide support for new and existing businesses in the city centre and lead directly to new jobs for local people.
"The city centre is a key driver for improving the whole district economy and this funding, along with support from the Council, can help make the most of that potential."
Coun Ian Greenwood, Leader of the Council, said: "Regenerating the city centre is a top priority for us. This is a major boost for Bradford and along with the near completion of City Park demonstrates we are moving in the right direction. There is now a strong set of factors to attract business into the city centre."
The growth zone will help to create jobs by stimulating further investment, improving local supply chains, and increasing footfall in the city centre.
The Council will be working with the Government and local partners to develop the eligibility criteria and mechanisms for deploying the funds within the zone.
The bid is at this stage conditional with final approval dependent on the outcome of a due diligence process undertaken by the Government.