The Preston, South Ribble and Lancashire City Deal was a landmark agreement committing to major transformations in the area. Signed in 2013, Preston was the only city in the North West invited to submit a proposal in the second wave of city deals.
Lancashire County Council, Lancashire Enterprise Partnership, Preston City Council, South Ribble Borough Council and the Homes and Communities Agency negotiated the successful deal and are all working together to deliver this once in a lifetime opportunity.
Unlocking the area’s potential through £434 million of new investment, City Deal will help expand and improve Preston and South Ribble’s transport infrastructure, at an unprecedented rate, in turn enabling the creation of 20,000 new jobs and development of over 17,000 new homes.
Additionally a £100million investment fund has been launched, created by Lancashire County Pension Fund. And funding from the public sector is also anticipated to leverage an additional £2.3billion of commercial investment into employment sites and housing.
New Infrastructure, Jobs and Homes
Key to these plans are major new road schemes to the north, south and west of Preston including links to the motorway network. Expanding the transport infrastructure will help relieve congestion and improve access to Preston City Centre, Leyland Town Centre and local district centres, as well as access to employment and housing areas and connections across Lancashire, attracting more investment and business.
Having good transport links are important to economic growth and by improving infrastructure and creating new employment sites across the area it is estimated 20,000 new private sector jobs will be created over the next decade.
New jobs will require additional housing and this will be supported through City Deal with the construction of more than 17,000 new homes, building new communities and enhancing existing ones.
Follow Lancashire City Deal on Twitter @lancscitydeal
Telephone: 0300 123 6701
Lancs Enterprise Partnership Ltd
County Hall. Preston
Lancashire, PR1 8XJ