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Fareham council agrees terms of £3m Growing Places Fund loan
PLANS for a £8.3m investment to drive business growth at a Hampshire site have moved a step closer.
Fareham Borough Council has agreed to the terms of a £3m Growing Places Fund loan offered by the Solent Local Enterprise Partnership to attract aviation and aerospace industries to the Solent Enterprise Zone.
This is in addition to a £5.3m investment already secured from the Homes and Communities Agency.
Funds will be used to bring a new innovation centre, jobs and improvements to the site at Daedalus, in Fareham.
The investment is expected to create 495 jobs and will be completed in the spring of 2015.
The HCA funds are to develop an Innovation Centre to support the further growth of the Solent Enterprise Zone by providing space for start-up companies.
Additionally, the Solent LEP has offered a £3 million Growing Places Fund loan to fund the rest of the investment package, which includes new hangar space on the north-west part of the Enterprise Zone.
This will provide flexible commercial space for the aviation and aerospace industries and for improvements to the airfield, including runway resurfacing.
Cllr Seán Woodward, Executive Leader of Fareham Borough Council, said: “As well as retaining existing jobs this innovative project will help support new jobs and businesses in the aerospace, aviation and marine industries at the Solent Enterprise Zone which is a high priority for Fareham Borough Council.”
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