Nottingham City Council has been successful in their bid for Government PFI credits for a major regeneration scheme in The Meadows.

Launched at MIPIM 2009, the Council bid for £200m and will be awarded a share of a £1.9bn Government Private Finance Initiative (PFI) for housing improvements.

The money will be invested in the transformation of The Meadows area as guided by The Meadows Neighbourhood Plan which is currently being developed in consultation with local residents and key stakeholders in the area. This development will also create a large number of jobs in the city at a time when the city needs them.

A detailed plan is yet to be drawn up, but this money will be focused on the New Meadows area, built in the 1970s.

It is hoped the money will help resolve the key issues highlighted by the Community and incorporated into the Neighbourhood Plan which include crime, deprivation, unemployment and poor housing.

In order to achieve this the Council is looking to remodel and refurbish some of its 1400 homes and introduce traditional street layouts. The Council’s ambitious plans include the replacement of unpopular poor quality housing with new energy efficient family homes and the creation of a new shopping centre.

Cllr Alan Clark, Portfolio Holder for Neighbourhood Regeneration at Nottingham City Council, said: “This funding will transform The Meadows into a stronger, more sustainable community which will benefit residents and businesses as a whole.”

“The Meadows already has lots of potential and with this funding we can make it more accessible with stronger connections to the city centre and a better housing choice for residents.”

“Our desire is to make The Meadows an Eco-neighbourhood in the heart of the city and to create a more pleasant environment that our residents deserve.”

“The money is part of the wider regeneration work that is planned across the city to transform all of Nottingham’s neighbourhoods, with around a further £200m being invested in housing through the Decent Homes Programme in other areas of the city.”

Chris Langstaff, Chief Executive of Nottingham City Homes, said: “We congratulate the City Council on being successful in obtaining this additional funding. The money invested in the Meadows as part of the PFI initiative will help to further improve the lives of our tenants and leaseholders. I look forward to seeing its progress and working with Nottingham City Council to continue to create homes and places where people want to live.”

“At Nottingham City Homes we are separately investing more than £200m over the next four years in other areas across the city. We are working with our partners to fit new kitchens, bathrooms, windows and heating systems to help improve the health and wellbeing of our tenants. By 2013 all these council homes in Nottingham will meet the National Decent Homes standard.”

Dee Whitworth, Chair of the Community Transformation Working Group said: “This is wonderful news for the Meadows and just what we have been hoping for. Our group has been working towards this with the council for the past 18 months, trying to find out from as many residents as possible what changes they would like to see. The Neighbourhood Plan contains lots of exciting new ideas like new eco-housing, better roads and a new district centre, and the PFI will help us to turn those ideas into reality.”

To work planned for The Meadows is part of Nottingham City Council’s wider regeneration agenda across the city. Lorraine Baggs Project Manager for Invest in Nottingham said: “It is hoped the regeneration will also attract and create future business investment opportunities, bringing further vibrancy and future sustainability to the city.”