OCOR £10m funding to be confirmed
Published: 9 February 2021
This month Cabinet is being asked to approve the acceptance of additional grant funding of £10m of Capital Flood Defence Grant in Aid (FDGiA) funding from The Environment Agency (EA) for the Our City Our River (OCOR) project.
The award was announced in summer 2020 but required a period of time to establish the grants conditions and obligations were acceptable. With this formal acceptance, the funding will make a significant contribution towards the completion of OCOR’s ‘package 2’ which alongside Project Munio includes the creation of a new riverside park which will transform the east side of the river around Stuart Street, Phoenix Street, and Exeter Place, creating a new area for the city, Derby Riverside.
The scheme would not only support the ongoing OCOR flood alleviation programme but also support the creation of more homes in the city and commercial space for 1,000 jobs.
To achieve this, further design work and a refresh of the planning consent will continue over the next two years. Following this, the land would be acquired, through a Compulsory Purchase Order (CPO) if required, in order to progress with the redevelopment and to help to mitigate flooding in this area.
Cllr Matthew Holmes, Cabinet Member for Regeneration, Planning and Transportation, said:
We’re delighted to formally accept this substantial investment towards the next phase of our flood alleviation works for Derby. This is brilliant news and will help to achieve the next stage in our Our City, Our River flood alleviation project, focusing on major regeneration of the east side of the River Derwent in the city centre.
The events of November 2019 highlighted the importance of the work that has already been achieved and also what needs to be as part of our Our City Our River project. Over 1,200 properties were protected from the flood water and protecting homes and businesses is extremely important. To do this, major changes will need to be made to the east of the river, opposite the Silk Mill creating regeneration opportunities in the city centre.
Major regeneration of this part of the city will also support Derby’s Economic Recovery Plan and promote reinvestment into the heart of the city. Historically, as a city, we’ve not embraced the River Derwent and have certainly not made the most of it as a natural asset. This proposed regeneration work will help Derby embrace and turn towards the river. I believe the proposals will change our city centre and open up new spaces and opportunities for residents, visitors and businesses.
We’d like to thank the Environment Agency for their ongoing support throughout the Our City, Our River project.
Emma Howard Boyd, Chair of the Environment Agency, said:
For every £1 spent improving protection from flooding and coastal erosion, we avoid around £5 of property damages. The long-term commitments announced today will make homes, businesses and infrastructure more resilient to the accelerating impacts of the climate crisis. Many communities are all too familiar with flooding, and now the risk is increasing for others too. The Environment Agency is champing at the bit to deliver on the Government’s investment with better, and greener, flood schemes. Detail about how we will do this is set out in our strategy.