£100m of Tees Valley transport spending to be given to Teesworks regeneration
A report will be given to TVCA’s cabinet at their next meeting in June and it is expected the plans will be approved.
Apologies for the late delivery of this edition of The Teesside Lead, sometimes real life and the news misalign in ways which mean usual deadlines enter the rear view mirror!
However, it does mean I can be the first to bring you the news that TVCA intends to funnel £100m of government money awarded to improve transport across the region to the development corporation which is overseeing the Teesworks project.
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Leigh
More than 10 percent of £1bn in government money, which was due to be spent on transport projects across the Tees Valley, will instead be given to the public body which is overseeing the redevelopment of the Teesworks site.
Board papers for the South Tees Development Corporation’s (STDC) cabinet meeting, which is due to take place next Monday (30 March), show its parent Tees Valley Combined Authority (TVCA) has sought permission from the Department for Transport to give £100m of a £978m government grant to the development corporation.
The government grant, known as CRSTS2 funding, has been long-celebrated by Conservative mayor Ben Houchen as a “billion pounds” of spending that he secured from Government. It was initially announced by the previous Conservative government, but was put on hold by the incoming Labour administration before being approved again last year.
A report will be given to TVCA’s cabinet at their next meeting in June, with council leaders expected to approve the transfer of funds.
