§ Sir Irvine PatnickTo ask the Secretary of State for the Environment when Sheffield development corporation will be wound up; and if he will make a statement. [3041]
§ Mr. CurryStatutory orders will be laid before Parliament early next year to effect the wind up and dissolution of Sheffield development corporation. Subject to parliamentary approval, the corporation will cease to act from 1 April 1997, except for the purpose of preparing its final accounts and report and winding up its affairs. The corporation will be dissolved on 1 July 1997.
Urban development corporations were set up, with finite lifetimes, to regenerate their designated areas. Since designation on 30 June 1988 Sheffield development corporation has encouraged a grant-aided private sector development and undertaken substantial environmental and infrastructure improvements, which have helped to stimulate new jobs and new life in the city and to realise Sheffield's ambitions for a city airport.
By the end of its lifetime, the corporation expects to have reclaimed 259.2 hectares of land, created 521,100 sq m of commercial floorspace, built or improved 15 m of road, created 17,683 permanent jobs and attracted £695 million of private sector investment. The corporation has transformed the Lower Don valley area and Sheffield will continue to benefit well into the next century.