Fareham Borough Council has welcomed Hampshire's decision to contribute £8.5m funding towards the Stubbington Bypass, a project valued at £34m.
At a Local Enterprise Partnership (LEP) meeting held today, attended by Councillor Seán Woodward, it was agreed that the bypass is a top priority for the area and the LEP will be submitting a bid to Government next week for the bulk of the funding. It would then follow that the announcement of any agreement would form part of the Chancellor's Autumn Statement.
Fareham has played an important role in this arrangement, after taking ownership of a large part of the Enterprise Zone at Daedalus, investing in it and promoting development for employment. This has enabled business rates growth from Fareham's development to be secured as a local contribution to funding for the Stubbington Bypass. This means that Hampshire will fund the initial investment, which will be repaid by some of the retained business rates generated at Daedalus.
Executive Leader of Fareham Borough Council, Cllr Seán Woodward said: "I am delighted with the outcome, as I have been working hard to get this agreed for the last three years. Fareham Borough Council has played a key role in making sure that the figures stack up and that we can make Stubbington Bypass a reality. Work could start as early as 2018."
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