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A package worth £8.3million to attract high growth companies to the Solent Enterprise Zone at Daedalus has moved a step closer today as Fareham Borough Council agreed to the terms of a £3 million Growing Places Fund loan offered by the Solent LEP.
Fareham Borough Council has already secured a £5.3m investment from the Homes and Communities Agency (HCA) to develop an Innovation Centre to support the further growth of the Solent Enterprise Zone by providing space for start-up companies. The cutting edge centre will have close links with a new Centre of Excellence for Advance Engineering Skills Training (CEMAST) due to open in September 2014, and will be housed in a new 25,000 ft² building with office space and workshop facilities.
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 to provide flexible commercial space for the aviation and aerospace industries and for improvements to the airfield including runway resurfacing.
Collectively, the investment package is expected to create 495 jobs, and will be completed in the Spring of 2015.
Councillor Seán Woodward, Executive Leader of Fareham Borough Council, said: "These are exciting times for Daedalus and I am delighted with this £8.3m funding package to resurface the runway, build new hangars and a business innovation centre. 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 as well as for our partners. Without the investment in the runway to bring it up to a good standard it could close next Spring which would have been be a disaster for the area."
Colin Molton, the HCA's Executive Director for the South and South West, said: "Our agreement to invest in this project is an integral part of the package to bring a new innovation centre, jobs and improvements to the Solent Enterprise Zone at Daedalus.
"It is good to see local partners leading this project which is another clear sign that progress is being made. We will work in tandem with our partners to ensure that this encouraging progress continues."
To find out more about The Solent Enterprise Zone at Daedalus visit www.solentez.co.uk .
For Further Information Contact:
Lorna Tipper, PR and Marketing Support Officer, tel: 01329 824302
fax: 01329 824505, e-mail: firstname.lastname@example.org
This and previous media releases can be viewed on the Council's website: www.fareham.gov.uk/pressreleases
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