Cheshire East Council has agreed to contribute £5m to an investment fund set up to attract businesses and jobs to Alderley Park, demonstrating its commitment to the transformation of the site through the work of Manchester Science Partnerships (MSP).
With match investment already confirmed from both AstraZeneca and MSP, it is anticipated the £15m programme will provide venture capital funding to encourage SMEs and start-ups to locate at Alderley Park and provide incentives to existing businesses to expand and develop.
It is also expected that the financial commitment by the partners will encourage further investment from the private sector.
An independent appraisal has indicated that the fund could deliver about 2,600 new jobs at the parkland site and will be integral to the £18 million investment programme planned by Manchester Science Partnership which is designed to generate at least 7,000 new jobs, chiefly around the bioscience industry.
The Leader of Cheshire East Council, Councillor Michael Jones, said: "Once again the Council is demonstrating its unwavering commitment to securing a sustainable future for Alderley Park through the continued delivery of new jobs and new businesses.
"We commend both AstraZeneca and MSP for their commitment to this shared goal and we will continue to work closely with them to ensure that Alderley Park delivers as a world-class science park at the heart of both the local and regional economy."
Manchester Science Parks, who with majority shareholder Bruntwood acquired the 400 acre site in March from former owners AstraZeneca, who will continue to have a presence at Alderley Park.
There are currently 71 companies located on site who employ 281 staff between them.
What do you think about the Council investing £5m in the fund, do you think it is the best use of taxpayers money or not? Share your views via the comment box below.
Comments
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Alderley Park can thrive without our taxes being spent there. When do CEC get our money back? What is the interest rate? Does CEC hold shares?
This is very wrong IMO. Councils should leave private enterprise alone.
Councils have no understanding of innovation or what it takes to develop a successful business. They have plenty on their plate selling off land assets that should never have been bought in the first place.
Again an example of a council interfering with private enterprise. Socialism? More like Communism!
http://bit.ly/1rsbc7B
"You seem to have got rather carried away with the emotion of last week’s Alderley Park handover event, being quoted as saying "We could maybe get rid of cancer forever, just imagine that and Cheshire East money could go into it". Before you start proposing to Cabinet that Cheshire East taxpayers should sink yet more money into this site rescue attempt, namely contributing to the Alderley Park Springboard Fund, you need to think more deeply about why AstraZeneca are moving their R&D out. Multi-functional co-location in bioscience, or "working in a campus environment to encourage collaboration", requires close proximity to medical schools, hospitals, research institutes and academia. AstraZeneca Cambridge will have it, the new Manchester Airport MediPark will have it and the new UK Centre for Medical Research and Innovation in London will have it. Alderley Park has none of this critical requirement."
The outcome is a disgraceful disregard for risk with public money.