COUNCILLORS are set to decide whether to approve the aims of a lucrative financial package that will transform areas of Portsmouth.
As previously reported, £48m of government money in the form of a City Deal is to be used to redevelop former MoD-owned land around Tipner and Horsea Island.
A report due to go before the city council’s cabinet on January 6 proposes that 2,370 homes and 58,000sq m of employment space should be created in those areas.
It says 1,000 permanent jobs should be made by 2020 and 3,742 overall should exist by 2025. Up to £640m needs to be attracted from the private sector.
Portsmouth’s City Deal is in partnership with Southampton and money is being used to extend WestQuay Shopping Centre. Subject to approval by the cabinet, the deal will be governed by both councils as well as Hampshire County Council and the Solent Local Enterprise Partnership.
Plans will go out for consultation and big decisions may be decided by Cllr Gerald-Vernon Jackson, leader of Portsmouth City Council, or Cllr Mike Hancock, cabinet member for planning, regeneration and economic redevelopment.