A powerful new Mayoral Development Corporation could soon be established to fast-track long-delayed regeneration projects across central Newcastle and Gateshead.
00:00A powerful new Mayoral Development Corporation could soon be established to fast-track long-delayed regeneration projects across central Newcastle and Gateshead.
00:09North East Mayor Kim McGuinness is poised to propose the creation of the new body in a bid to deliver real change on sites that have seen little progress in the years.
00:19The move would give regional leaders more control over major plots such as Gateshead Quayside, Gateshead High Street, Newcastle's four fjords and potentially even areas surrounding a new football stadium should Newcastle United ever relocate from St James' Park.
00:35Mayoral Development Corporations or MDCs are statutory bodies that can be set up by Metro mayors in England to drive regeneration at speed.
00:43They can access new funding streams and wield significant powers including the ability to make compulsory purchases of land, take planning control away from local councils and offer relief from business rates to attract developers.
00:57Mayor McGuinness said people are waiting too long to see developments completed and we want to see that change so we can deliver on our ambition and people can really feel growth and regeneration thriving here in the North East.
01:09While the exact powers and boundaries of the proposed Newcastle and Gateshead MDC remain under development, early proposals are expected to be brought before the North East Combined Authority Cabinet later this month.
01:22The announcement follows a major boost for local regeneration last month when the government signed off on a £120 million investment package for the Quayside West site, a vast stretch of former industrial land next to the Utiliter Arena in Newcastle.
01:36The area once home to a lead works in part of the wider fourth yard zone has been long earmarked for redevelopment.
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