A large-scale development in Grantham could secure a slice of cash from a £474 million Government fund that exists to support infrastructure projects.
News was announced on Wednesday of a potential £9 million cash boost for the Southern Quadrant development, in that it has been shortlisted for money from the Homes and Communities Agency’s Local Infrastructure Fund.
However, any funding awarded to the project is a loan and must be repaid.
Applications for loans were submitted by bodies and organisations across the country. Landowner Buckminster Estate made the application for Southern Quadrant, which is one of only 14 to make it on to the shortlist. It was supported by South Kesteven District Council and Lincolnshire County Council.
Now, a more detailed proposal must be made to the Homes and Communities Agency.
The Southern Quadrant development is one that has been in the pipeline for some years. It will include 3,500 homes, schools, and medical facilities to be built between the A52 and B1174, to the south of the town.
The plan would involve a new east/west bypass from Spittlegate Level to the roundabout at the top of Somerby Hill.
Grantham MP Nick Boles was informed of the decision to shortlist the development, alongside Buckminster Estates, SKDC and the county council.
Mr Boles said he is looking forward to “finally seeing some activity” with the plan and believes the application has a “very good chance” of being successful.
He added: “I’m delighted that the scheme has been successful and made it on to the shortlist.
“The Government is determined to put money behind infrastructure schemes that unlock substantial housing developments and economic growth, and the Grantham scheme, which I’m a big supporter of, both for housing and the road, seems to be an absolute contender for this money.
“So I’m delighted that the Homes and Communities Agency has agreed and put it on the shortlist.”
The aim of the Local Infrastructure Fund is to support large-scale projects that include more than 1,500 housing units. Outline planning permission must be in place, or an application submitted.
If successful, the £9 million applied for by Buckminster Estates will be spent on elements such as water, gas and electricity.
A spokesman for the county council said the east-west bypass itself will not be supported by the loan.
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