The Scottish Government has granted provisional approval to North Lanarkshire Council's £73million business plan to allow construction of vital infrastructure on the long-awaited Ravenscraig development.
The approval now opens the way to begin in-depth discussions on planning and funding for the project.
North Lanarkshire Council's Head of regeneration Services Maureen McConachie said: "We are studying the terms of the provisional approval of the business plan and will have further discussions with both the Scottish Futures Trust and site developers Ravenscraig Ltd on how best to progress.
"Obviously, on a regeneration scheme of this scale, there are still a number of details to be resolved. Nevertheless we are delighted to have passed this crucial milestone."
As part of the Tax Incremental Funding (TIF) scheme lodged with the Scottish Futures Trust a new seven-mile-long dual carriageway will stretch from the Chapehall junction of the M8 motorway, between EuroCentral and Newhouse, skirt Carfin and cross the site of the former Ravenscraig steel works to link with Airbles Road and then to the M74 motorway.
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This will, in turn, release £425million worth of private investment from developers.
Councillor Leader Jim McCabe said: "This very welcome announcement is a huge step forward for the further regeneration of Ravenscraig.
"The TIF funding will mean the creation of up to 5000 jobs over the first six years of the project and will allow us to lever in up to £425 million in private sector investment.
"That will lead to £1.2 billion of investment over the 30-year lifetime of the project with the creation of 12,600 jobs.
"The closure of Ravenscraig steelworks was a hammer blow for North Lanarkshire and Scotland, but this allows us to secure a real and prosperous future for the site and for the area as a whole."
Maureen McConachie added: "The importance of this project cannot be underestimated.
"The Ravenscraig development will bring 4,500 permanent jobs to the Motherwell and Wishaw areas and at least 500 construction jobs during the six year building of the town centre.
"If we win full approval, work on the road network could be underway as early as next year.
"This one road opens up vast opportunities for the whole of North Lanarkshire in terms of business, commerce and residential renewal. It will relieve a huge traffic bottleneck and put Motherwell and Wishaw firmly back on the map."
Under the TIF scheme, North Lanarkshire Council would be allowed to borrow the cash needed to complete the link. Business rates raised from the new town centre would be ring-fenced and used to repay the costs.
Outline planning permission has already been granted for the works which will see some existing main roads widened, new dual carriageways built and a new roundabout near the main entrance to Strathclyde Park.
The first phase of development at Ravenscraig is well underway with the construction of the new £70million Motherwell College campus, opening of the £31million Ravenscraig Regional Sport Facility and completion of the first houses on the site.
The entire project is expected to take up to 30 years to complete in a series of standalone phases over 20 to 30 years, creating 12,600 jobs and attract more than £1.2billion in private sector investment.
(GK/KMcA)
