Councils prepare for £500m funding bid
by James Renoux-Wood Wed 30 April 2014, 4:07 pm
Local authorities for Medway and Kent are preparing to apply for government funding of more than £500 million, as part of a growth deal to help boost regeneration in the area.
The proposal, drawn up by Kent County Council and Medway Council, is part of a wider masterplan drafted by the south-east Local Enterprise Partnership (LEP) – made up of council leaders and business representatives. The government is assigning £2 billion to fund schemes nationwide and has asked each LEP in the country to prepare bids for a share of the money.
The funding could see 128,000 homes built and 165,000 jobs created in Medway and Kent between now and 2020, Kent Business reported.
The west Kent area, which includes the Medway Valley, has been earmarked for investment. A large proportion of the funding is proposed for improvements to transport infrastructure, with £360 million to be spent on renovating parts of the M20 and M2.