About ^60 million could be invested in South East Cornwall, creating a wave of employment and helping Caradon stand independently from Plymouth (link below.)
http://thisiscornwall.co.uk/displayNode.jsp?nodeId=144125&command=displayContent&sourceNode=232510&home=yes&more_nodeId1=232470&contentPK=20290834An initial sum of ^30 million is being sought by Caradon District Council - including ^15 million from the
EU» Convergence programme - that will provide a huge boost to the district's economy. The council will use the money to create hundreds of units for small and medium-sized businesses on 65 acres of land, spread out across the region.
Stephen Vinson, Caradon's head of economic and community services, said the money was vital to encourage more people to work in the district - and not travel out of the area to find jobs.
Caradon District Council is now in the process of submitting a business case to gain access to the EU Convergence funding, which has replaced Objective One.
European Convergence funding is handed down to the poorest member states of the European Union.
Cornwall is the only part of England to qualify for the funding boost and will receive about ^390 million over the next six years.
It is estimated ^270 million will be spent on infrastructure and buildings.
Mr Vinson said Caradon would look at borrowing ^5 million, raising ^5 million through investment and securing ^5 million through the Regional Development Agency while seeking ^15 million through Convergence funding, during the first phase.
The figures could then be slightly increased during the second round of EU Convergence funding, pushing the total to more than ^60 million.
