Funding secured for stretch of Melton road
An agreement has concluded to fund the southern leg of the Melton Mowbray Distributor Road.
Leicestershire County Council expects to receive up to £18.2 million from Homes England towards the total cost of £37.5 million.
The county council will forward fund the balance which it hopes to recover from developers, and provided the road is built, Melton Borough Council has agreed to contribute up to £1.75 million towards additional education costs.
Councillor Deborah Taylor, deputy leader of Leicestershire County Council, said:
"This is good news and I’m pleased we’ve been able to get this over the line. There’s still some way to go but if successfully delivered, the new roadway is expected to ease traffic congestion in Melton and unlock the construction of significant amounts of new homes."
Councillor Joe Orson, leader of Melton Borough Council commented:
"After many months of incredibly hard work by all involved, I am absolutely delighted that Leicestershire County Council has signed the agreement for funding with Homes England and now has the green light for the southern section of the road.
"We know this has been such an important issue for our community, and given the financial risks involved, it has not been easy, but I am so proud of the way we have all worked together to ensure this could proceed.
"This has the potential to unlock up to £160m of investment in Melton, alongside thousands of new homes and jobs for our communities. It’s great news just before Christmas and could be just the boost we need for our town centre and local economy as we recover from the impact of Covid."
Although funding has been secured, the project to construct the southern leg is at a relatively early stage. Before the county council can move forward with construction, it will first have to acquire land to build the road and secure planning permission. It is hoped that the road will be constructed by 2025.
Separately, the county council is also proposing to construct the north and east section, subject to a final business case being submitted and Government approval which is expected by the end of next year.
If both road schemes are completed, the overall project cost is expected to reach £160 million.