The North West Development Agency settled four compensation cases with landowners who were forced to sell sites in the east Manchester district during 2009/10.
The acquisitions relate to the Ancoats Compulsory Purchase Order made in September 2002 with a budget of £43.5m. Land was acquired to parcel together developable plots and drive confidence for developers in the area that sites were ready to go. The CPO involved buying 197 individual plots that were turned into 45 development sites, on which 22 schemes have now been completed and the rest are being marketed.
The cases closed last year related to the junction of Loom Street and Sherratt Street, Hood Street, New Little Mill and 64a Jersey Street. Two already had 90% advance payments made against them.
The estimated outstanding compensation as at March 2010 was an additional £900,000. Around £6.5m potential spend has been removed from the budget as a result of final settlements being agreed and schemes completing.
In addition to the CPO funding, £28m of NWDA cash was committed to seven projects: gap funding of £9m at Royal Mills, Ice Plant £3m, match funding of £5m at Murray's Mill and a relocation package of £4m for Howarth Metals.
A further £7m was spent on public realm and other costs in the area. The NWDA investment levered in £15m from European and lottery sources.
For a full copy of the NWDA's Ancoats annual report click here