§ Ms Rachel SquireTo ask the Secretary of State for the Environment if he will make a statement on progress regarding the urban development corporation established in Plymouth in part to deal with redundant assets at Devonport; what assets have been transferred to the UDC from the MOD; on what basis this transfer took place; how many of these assets have been sold or developed; how many jobs have been created in the initiative; how much investment has been carried out by the Government to date; what is the total cost of the initiative to the Government to date; and what is the projected total.
§ Mr. BaldryPlymouth development corporation was set up in April 1993. Since then it has encouraged the private sector to offer solutions to the redevelopment of its ex-MOD sites. Royal William yard in particular was a part of the DOE private finance initiative announcement in November last year.
Two sites, Mount Wise—seven acres—and Royal William yard—32 acres—have been transferred to PDC. Mount Batten—55 acres—will be transferred this month. All are being transferred at open market value, although the purchase cost is part of the MOD contribution to the development corporation.
PDC is still examining the potential for redevelopment of the ex-MOD sites so no assets have yet been sold or developed. No direct jobs, other than two permanent staff of the development corporation, have been created but the corporate plan indicates the potential to create over 1,300 new jobs and to lever in some £50 million of private sector money.
The Government money spent by PDC so far is in the region of £7 million including land purchase. Over the five-year life of the development corporation it is anticipated that the Government will contribute some £45 million towards the redevelopment of their sites. However, all such long-term commitments are subject to the annual public expenditure survey.