Liverpool Gets £30m Urban Development Boost
Steve Rotheram, Metro Mayor of the Liverpool City Region, has announced that up to £30m of funding is available for urban development schemes because of successful investments made by two city region lending funds.
Loans repaid by previous successful applicants to both the Chrysalis Fund and the LCR Urban Development Fund are now available to be reinvested into other projects.
Speaking about the funding, Mayor Rotheram said: “Coming out of the pandemic, our local economy still needs all the help and support it can get. Because of the wise investments we’ve made over the last few years, we now have an extra £30m of funding to help rebuild and recover. That’s on top of the £150m COVID Recovery Fund that I announced on day one after May’s election.
“I’m committed to making our region fairer, greener and stronger after the pandemic. By continuing to invest our money carefully, and in projects that help improve our region and create good jobs, we are able to create a virtuous circle that keeps generating more for us to invest.”
The Chrysalis Fund is a £35 million revolving fund that has supported more than £100m worth of development activity in the region since it launched in 2012. It will now continue to commit its funds into further projects until at least 2022, facilitating the delivery of new urban development schemes that support employment creation and economic growth in the Liverpool City Region.
The LCR Urban Development Fund is a £25 million revolving fund managed under the LCR Combined Authority’s Strategic Investment Fund framework. The fund supports the development and delivery of an integrated approach across the City Region focussed on meeting identified local needs and opportunities. The fund can invest in projects that support research and innovation, enhancing SMEs’ growth and competitiveness, and helping companies and organisations transition to a low carbon economy.
Both funds are now actively inviting developers and owner occupiers with new development projects that meet their investment criteria to come forward and apply for loans.
Projects benefitting from the funds include the Watson Building in Liverpool city centre, the Venus 217 industrial facility in Knowsley, and Duke and Parr in the Ropewalks area.
Jim Gill, Chair of The Chrysalis Fund, said: “After what has been a particularly difficult 18 months, we’re now in a great position to be able to assist property developers and owner occupiers in getting eligible projects that have stalled due to lack of funding options off the ground. Since the Chrysalis Fund launched nine years ago, we have provided loans for some fantastic projects that have brought hundreds of jobs into the area and in turn, boosted the local economy. We’re delighted that those loans are now being re-paid, meaning that we have more opportunities to boost regeneration and growth in the Liverpool City Region.”
The Chrysalis Fund is managed by igloo Investment Management Ltd, with support from Avison Young.
The Chrysalis Fund is supported by the 2007-2013 European Regional Development Fund for the North West under the Joint European Support for Sustainable Investment in City Areas (“JESSICA”) programme.
The LCR Urban Development Fund is backed by the 2014-2020 ERDF England Operational Programme and it is a new funding route to foster smart, sustainable and inclusive growth for our Liverpool City Region.