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£5M Fund to regenerate the region’s waterways

12/06/2007

East Midlands Development Agency (emda) is to breathe new life into the region’s waterways by launching a Waterway Regeneration Fund.

The funding period is expected to last for three years and grants will be available up to the value of £500,000 to help encourage waterway regeneration schemes.

Research, commissioned by emda, into the impact and importance of waterways across the East Midlands, found that inland waterways projects can significantly benefit an area’s economy.

The study into inland waterways, which was carried out by Ecotec Consulting on behalf of emda, found major regeneration benefits are associated with waterway developments, such as:

Employment impacts – creation of new job opportunities in the short term from the construction during the regeneration and in the long term from new businesses created
Property impacts – regenerated areas along waterways stimulate commercial and residential markets
Environmental impacts – improving waterway environment by bringing forward previously vacant and underused sites which generates improved quality of life, tourism and green transport options

Previous waterway schemes have helped many urban and rural locations across the region turn themselves from areas characteristic of dereliction and decay into places where businesses actively want to be located and people want to live.

Examples of large waterside projects in the East Midlands include a 100 acre £1.4 billion investment in Nottingham's riverside, an 18 km waterfront regeneration scheme in Leicester which will create over 3,000 new homes and Derby's riverside project that will include a high quality hotel, office and residential development.

The Invitation to Apply for Grant Funding (IAGF) from emda aims to deliver long term regeneration benefits for the East Midlands for schemes located near waterways. The criteria for funding must fall under one of the five schemes:

Waterways destination projects – which relate to tourism where restoration will lead to increased use of the waterway and its surroundings

Restoration projects – which remediate redundant or underused buildings next to waterways for employment or commercial uses

Land remediation projects – the preparation of land next to water in order to open it up for employment uses

Large scale project development – work required to help unlock the potential of large scale waterway projects

Waterway transport schemes – develop an alternative transport route or mode based around one of the region’s inland waterway corridors to help sustain economic competitiveness of green water transport

Anthony Payne, Land and Development Manager at emda said: “Waterways present a unique opportunity to improve the environment and regenerate run down areas – transforming them into successful, flourishing places which attract our communities and unlock the value of the sites.

“Some of the most successful and innovative regeneration projects in the UK are focused on waterfronts and the benefits that stem from physical developments along locations including rivers, canal, marinas or docks are well proven. The impact of waterway regeneration stretches beyond the immediate environmental impacts of the waterside and often stimulates wider economic and social benefits on a wide scale. This funding opportunity will help towards achieving the vision for the East Midlands to become a flourishing region by 2020 as stated in the Regional Economic Strategy.”

The Waterway Regeneration Fund will open for expressions of interest from 12th June to 31st July 2007 for the first year. Any organisation interested in applying, or who would like more information, should contact Georgina Walters McLeod at emda on 0115 9888 484 or visit www.emda.org.uk/waterwayfund

ENDS

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