Unfortunately for Nottingham the The Department for Communities and Local Government has said that it will only fund housing PFI schemes that are under contract. Consequently Nottingham City Council’s £200 million PFI credit for the Meadows Housing proposals has been cut. This would have been the catalyst for wider regeneration including investment in a new district centre and the creation of energy-efficient houses in the Meadows.
The scheme would have been delivered over the next 25 years. Nottingham City Council has already spent over £700,000 to develop the proposals – In July 2009, Nottingham City Council was allocated a £200m PFI Credit from the Government for a major housing regeneration scheme in The Meadows. An Outline Business Case (OBC), which shows what the scheme might look like and how it could be achieved, was submitted to the Government for final approval in October 2010.
This is a massive blow for the Meadows neighbourhood. The plans were to transform the area by building new properties and refurbishing existing council housing, creating better access to the neighbourhood, investing in better community centres and building new shops. A significant amount of consultation had already been carried out with the local community to ensure that the people who live in the Meadows got what they wanted.
The wider potential economic effects of the news are significant too. The project would have created hundreds of jobs for local people, particularly in the construction industry. The redevelopment could have generated additional new money for the local economy so the overall impact is massive.
Any loss of funding for the city is bad, but the Meadows is an area desperately in need of investment, yet another casualty of the Government cuts.