Leading politicians this week put pen to paper on a £90 million City Region Deal for Stirling and Clackmannanshire.
The cash injection by the Scottish and Westminster governments is aimed at triggering further investment and creating 5000 jobs in the area.
The heads of terms for the deal were signed at the Engine Shed in Stirling this week, with confirmation that the governments would be investing more than £90m in a number of projects.
The deal represents an agreement between the two governments and Stirling Council and Clackmannanshire Council.
The projects involved in the funding were revealed as it was announced that the governments would each be pledging £45.1m. The Scottish Government are stumping up an additional £5m for Callander infrastructure development and for a Kildean Enterprise Park.
According to the agreement:
●£22m has been set aside for a Scottish Environment Centre which will connect environmental research with business opportunities and training.
●£17m has been pledged for an aquaculture innovation hub at the University of Stirling.
●£15m will go towards culture, tourism and heritage investment.
●£10m will be spent on a new Scottish Tartan Centre to grow the region’s tourism industry.
● £7m will be used for improved travel routes. Transport Scotland will work to identify investments which would improve regional connectivity between Stirling and Alloa.
●£2m will go towards the development of a digital district, with a further £2m for the creation of digital hubs in Callander and Alloa.
Investment will be made in a regional skills and inclusion programme, a DWP pilot which helps people get back into work and an energy masterplan which maps energy needs for future investment.
The UK Government have also included land at Forthside, which they have valued at £5m, as part of the deal.
It was announced that the £90.2m government investments will be match-funded by private and public partners with £115m, providing a platform of £210m which could unlock additional private investment of up to £600m, bringing in 5000 jobs.
Stirling Council leader Scott Farmer said: “Jobs are critical to any investment but what we need is sustainable jobs.
“When it comes to employability we’re looking at it through our strategy of inclusive growth, which is looking at people who have been the hardest to reach – both urban and rural – and giving them opportunities.
“We’ve now got the foundations to make a step change for the economy of Stirling.”
He added: “This deal will help Stirling Council write the first page of a fresh new chapter in this area’s ancient, famous and storied history.”
Councillor Farmer said discussions were ongoing about the nature and timescale of each project but groundwork had been done and they were looking to press ahead quickly.
Clackmannanshire Council leader Ellen Forson said: “I believe that the joint City Deal bid provides a unique opportunity to promote shared and sustainable growth in our region over the next 10 years and beyond, building on Clackmannanshire’s strengths whilst helping to change the lives of our disadvantaged and excluded residents.
“We look forward to continuing to work closely with all our partners in the months and years ahead to develop these exciting initiatives.”
Signing the heads of terms along with Councillors Farmer and Forson were cabinet secretary for the economy Keith Brown and Secretary of State for Scotland David Mundell.
Mr Brown said: “This deal has the power to build on the area’s socio-economic strengths and expertise, developing them to transfer the economy, bringing sustained economic growth and positive social impact to all of its communities.”
Mr Mundell added: “The ambitious and innovative deal will drive economic growth across the region, creating jobs and boosting prosperity for generations to come.
“It is now for Stirling and Clackmannanshire to get on with the hard work needed to turn these proposals into a reality.”
