A £1 MILLION cash boost is on the way for Worcester Technology Park – allowing the long-awaited project to finally get off the ground.
Worcester City Council is ready to confirm its commitment to the scheme by handing over £500,000 of that money.
The rest of the cash will come from Wychavon District Council, where the Conservative cabinet has also agreed to back the plan.
Both councils’ contributions will help part-fund the £10 million needed for work to get under way on transforming the site, off Junction 6 of the M5.
The technology park suffered a bitter blow in 2012 when Worcester Bosch pulled out as the main anchor tenant, citing low confidence in the economy.
But Worcestershire County Council, which is behind the plans, has insisted talks are progressing with other companies about talking up units on the complex.
The city council’s Labour cabinet is meeting today in a private session to agree the £500,000 windfall.
As your Worcester News revealed last week, an independent report by economic experts has backed the city’s prospects for growth.
Zeta Economics has hailed Worcester’s potential, urging the city to aim high and tempt higher quality employers.
Councillor Geoff Williams, deputy leader and cabinet member for economy, skills and infrastructure, said: “I am really pleased. This is a real step forward for employment opportunities in the city.
“It also follows other opportunities we’ve created for jobs in Worcester at the planning committee.”
The county council says once built, the complex should create up to 5,500 jobs, generating £240 million a year for Worcestershire’s economy.
Construction is scheduled to start this September, with the first employers able to move in by the summer of 2015.