At its board meeting last night, LEP board members agreed to provide £3.7m from the Lancashire Growth Deal to Barnfield Construction, as the project sponsor, subject to an agreed funding agreement.
The redevelopment of the 19th century mill has long been a priority scheme for the LEP but could not initially be funded through the Lancashire Growth Deal because of delivery timescale and the scale of funding requested (£8.9m).
Increased contributions from core partners Barnfield Construction, Pendle Borough Council and Lancashire County Council, and funding from a range of other sources, have now reduced the funding required from the LEP and made the scheme viable.
The core elements of the £30M Northlight scheme include new business workspace, an exciting leisure complex, a hotel and conferencing facility, marina, and 72 apartments.
Speaking about the decision, Edwin Booth, chairman of Lancashire Enterprise Partnership, said: “We listened to the business case behind this revised request for funding from Barnfield Construction and were convinced that a viable funding framework is now in place that will enable this exciting development to go forward.
“The Lancashire Enterprise Partnership exists to create the conditions for Lancashire to prosper and I’m very pleased that we can now expect to see this very ambitious development project become a reality.”
Tim Webber, Managing Director and Chairman of Barnfield Construction, said: “I would like to express my thanks to the Lancashire Enterprise Partnership for awarding the grant which now enables us to move forward on our Northlight scheme and also thanks to Lancashire County Council and Pendle Borough Council for their continued support and contributions which have now made the scheme viable.
“I look forward to creating an iconic development within Pendle incorporating a wide range of facilities which will give a great boost to the surrounding area and the local economy.”Uncategorised