RSS£8m black hole for city regen firms
Published: 2010-07-28 09:43:19
The regeneration companies responsible for large redevelopment schemes in Manchester and Salford are set to lose almost £20m through the collapse of the Northwest Regional Development Agency (NWDA).
(Sourced from Manchester Confidential.)
New East Manchester will have to deal with an £11.4m black hole in its budget and Central Salford URC will lose £8m as the NWDA closed its doors to former funding partners.
Those are the amounts received by the organisations for 2009/10 and cover projects and operational costs. For New East Manchester, it means a reduction in its operational budget of a third, or £600,000.
The loss of funding may force New East Manchester to reassess staffing levels – it currently employs around 120 people – although there is no suggestion of redundancies.
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