Teesside gets new investment body for regeneration and jobs
The Tees Valley will be the first region outside of London to get a new Mayoral Development Corporation.
Former Deputy Prime Minister Lord Heseltine revealed plans for a new group to help transform the former SSI steelworks site.
The Mayoral Development Corporation will be the first of its kind outside of London, and aims to drive forward regeneration and local economic growth.
One of their first aims is to redevelop the former SSI site, and the four mile stretch of river bank around it.
Lord Heseltine couldn't confirm how much money has been set aside by the government for the site clearance, but said work to form the corporation will begin straight away.
He was in Teesport today to witness the completion of a multimillion-pound project at PD Ports.
The company is at the centre of the site that will benefit from the new Mayoral Development Corporation.
Lord Heseltine said: "Key to the economic future of the Tees Valley will be the regeneration of sites and securing strong business investment to create jobs for the skilled workforce affected by SSI's closures.
"Under dynamic leadership the new Mayoral Development Corporation will provide the strategic vision to make that happen and give investors from the UK and abroad the confidence to put down roots in the Tees Valley for years to come."
Communities Secretary Greg Clark said: "The closure of the SSI site has been incredibly difficult for Redcar and the wider Tees Valley and we're determined to continue our support for the local community.
"Already up to £80million Government fudning is in place to ensure former SSI workers and local affected businesses get the support they need.
"This new Mayoral Development Corporation is the next step, putting local people who know the area best at the heart of driving regeneration and delivering new businesses and jobs for the community."
The London model of a MDC is responsible for creating the Olympic Park in East London and establishing Canary Wharf.