Loughborough University science park expansion could create thousands of jobs
Thousands of jobs could be created with the expansion of Loughborough University’s science park.
The university already has one of the largest science and enterprise parks in the country which is home to businesses in the sports and energy sector.
It has a 22-acre site on the western edge of its campus earmarked for a multi-million pound expansion.
Leicestershire County Council is considering investing in the expansion and its cabinet members are set to discuss the issue on Wednesday (February 6).
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Council papers published yesterday show the expansion of the science park is a key element of Leicestershire’s bid for a City Deal - an agreement with Government that could see greater powers devolved locally and huge investment to boost the local economy.
The County Hall report says the Loughborough University Science and Enterprise Park (LUSEP) is identified as a major opportunity “which could lever £225 million of private investment in the Leicestershire economy, generating 5,300 jobs, including specialist research and design and advanced engineering and manufacturing positions”.
The report says the university wants to kickstart the expansion with an “Advanced Technology Innovation Centre” and a separate premises required for the new facility.
It says an initial bid for cash from the European Region Development Fund was unsuccessful but that the university has asked for the decision to be reconsidered.
The report says: “The total cost of these two early facilities over the next two years is estimated at £16 million with a potential funding shortfall of £2 million.
“The facilities would provide 300 new jobs.
“These two developments would also significantly facilitate the remainder of the next expansion phase which would deliver an additional estimated £45 million of investment and 940 jobs.”
The report says longer term expansion of the LUSEP, combined with other potential major residential developments nearby will require large amounts infrastructure