There is great breaking news this morning for the whole South Tees Development Corporation regeneration project, as Ben Houchen,Tees Valley Mayor, has finalised a deal with Tata Steel to secure more than half of all the developable land on the Redcar site.
For the first time, we now have ownership back over a huge chunk of our land - fully 1,500 acres of it, and the part that is most immediately developable. The redevelopment can now begin!
Linked to this, the Government is today confirming £14 million to unlock two major metalworks projects for the site. These are the milestones we dreamed of when the Prime Minister came to Teesside to launch the Development Corporation in 2017.
It’s a step-change in the project, and gives fresh impetus to the task of securing the other 870 acres owned by SSI in receivership. If an agreement isn’t reached with the Thai banks in February to release this part of the site, the Mayor will start compulsory purchase proceedings.
What this site will deliver is quite simple: good jobs and growth. For too long the news has been dominated by the retreat of our industrial base - now we are making huge strides forward!