Former Deputy Prime Minister Lord Heseltine has revealed plans to transform the site of the former SSI steelworks in Redcar.
The regeneration plans are to be driven by a new Mayoral Development Corporation - the first of its kind outside London. Work to form the new body, which will be led by an elected mayor, will start immediately.
The MDC (Mayoral Development Corporation) will be responsible for regeneration and economic growth in the Tees Valley area.
Lord Heseltine visited PD Ports today to celebrate the completion of a multimillion-pound project to upgrade and improve infrastructure at Teesport.
How will the MDC (Mayoral Development Corporation) work?
- An advisory board will be set up to provide leadership to the MDC for the regeneration of sites across Tees Valley.
- Powers will be devolved from Westminster to the new Mayor from next year.
- The Mayoral Development Corporation will be the first of its kind outside London, and will follow a similar model to the London Legacy Development Corporation, which is transforming the former Olympic site in East London.