§ Mr. DoverTo ask the Secretary of State for the Environment when Central Manchester development corporation will be wound up; and if he will make a statement. [2799]
§ Mr. CurryStatutory orders will be laid before Parliament early next year to effect the wind up and dissolution of Central Manchester development corporation. Subject to parliamentary approval, the corporation will cease to act from 1 April 1996, except for the purpose of preparing its final accounts and report and winding up its affairs. The corporation will be dissolved on 1 July 1996.
Urban development corporations were set up, with finite lifetimes, to regenerate their designated areas. Since designation on 30 June 1988, Central Manchester development corporation has encouraged and grant aided private sector development and undertaken substantial environmental improvements, which have helped to stimulate new jobs and new life in the city.
By the end of its lifetime, the corporation expects to have reclaimed 39 hectares of land, created 194,000 sqm of commercial floor space, 2,730 housing units, 6,400 permanent jobs and attracted £370 million of private sector investment. The corporation has transformed large parts of the city, which will continue to benefit well into the next century.