The project sees £950,000 allocated for improving the road infrastructure at the A45/A5 crossroads at Weedon in Daventry. The work will include extending the carriageway, creating additional lanes and installing ‘smart’ traffic signals to re-prioritise traffic flows.
With improved infrastructure in place, housing development at nearby Monksmoor will be unlocked and 1,000 new homes can be created.
The project will also help to increase capacity at the junction which will further support the development at the Churchfields site and bring forward an additional 1,250 homes in the area.
In addition, improving the road infrastructure will further add to Northamptonshire’s enviable reputation as a key hub for the logistics sector. Northamptonshire County Council will be responsible for delivering the project which is expected to commence within the next five months.
The investment will be repaid under the terms of the loan agreement and will be re-allocated to future Growing Places projects. This is the first project to receive financial support from the total pot of £5.9 million that the Government allocated to Northamptonshire in October 2011.
Funding is to be given to otherwise viable schemes that are unable to proceed due to capital constraints which, in turn, have halted the flow of investment to the region and the associated development and jobs creation this brings with it.
The programme is intended to operate on a revolving basis, so funding invested in projects will be returned within agreed timescales so that it can be re-invested in future projects.
Paul Southworth, Chairman of Northamptonshire Enterprise Partnership, said: “NEP is delighted to be able to support the development of the A45/A5 junction improvements with this investment. The junction is part of a key route between Northampton and Daventry and represents a major step forward in easing congestion and supporting new development in the area."
Mr Southworth added: “The Growing Places programme is a real opportunity for Northamptonshire to provide support to projects where it is needed most. These projects will unlock future development, bringing forward new homes and new jobs and paving the way for economic growth in the county.”
Leader of Northamptonshire County Council Cllr Jim Harker said: “This is clearly tremendous news for the county as a whole and this vital junction improvement promises to unlock significant economic development and jobs.
The fact that this has already been approved shows just how efficient and fleet of foot Northamptonshire Enterprise Partnership with our support has been — able to cut through bureaucracy and get real results and funding for the county from the Growing Places Fund. We can now look forward to this important work starting later this year.”
NEP is interested in hearing about projects looking for investment under The Growing Places Fund.
For more information, please contact Stacey Davies at firstname.lastname@example.org or visit the Northamptonshire Enterprise Partnership website to view the Invitation to Apply for funding.
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