The deal is an agreement between the UK and Scottish governments along with Angus, Dundee City, Fife and Perth & Kinross councils as well as partners in the business and higher and further education sectors.
The UK and Scottish governments are each investing £150m, which is expected help to leverage a further £400m of investment from public and private partners.
UK government minister Iain Stewart said: “Today’s landmark signing will deliver transformative investment to the entire Tay region, including £150 million from the UK government. The deal will create thousands of jobs through innovative projects such as cutting-edge forensic science at the University of Dundee and a drone port at Montrose in Angus.
“Investments in Perth City Hall transformation and Innerpeffray Library, Scotland’s oldest lending library, will also enhance the region’s culture and tourism offering.
“This is the seventh Full Deal we have signed in Scotland and we now have deals in implementation or development for all of Scotland, representing investment from the UK government of over £1.5 billion.”
The University of Dundee has welcomed the signing of the deal, which brings it a combined £40m in funding from the UK and Scottish governments for two projects. The `Growing the Tay Cities Biomedical Cluster’ project will create a new innovation hub developing new treatments and technologies for medicine and life sciences. It will be delivered in partnership with NHS Tayside. The `JustTech’ project will create an Institute of Innovation for Forensic Science. The Biomedical Cluster project is being given funding of £25m in the Tay Cities Deal, with a further £15m earmarked for JustTech.
Professor David Maguire, interim principal and vice-chancellor of the university, said: “The Tay Cities Deal will have a great impact on Dundee, Perth and the surrounding areas, with the niversity at the heart of that, working with local partners. Our projects are based on areas where we have already established great strength and expertise. With the boost provided by the Tay Cities Deal we can capitalise on those strengths to stimulate innovation and enterprise, creating new jobs, expanding the skills base and attracting investment.”
Among the key commitments in the deal are:
- £62m for the Invergowrie-based James Hutton Institute to deliver world-leading barley research and advanced plant research facilities;
- £37m Regional Cultural and Tourism Investment programme;
- £26.5m for the Eden Campus in Fife;
- £26.5m Angus Fund; and
- £25m for growing the Tay Cities Biomedical cluster.
At the spending review in November the Chancellor, Rishi Sunak, announced that the UK government’s funding for the deal would be delivered over 10 years instead of 15, which will help projects to be delivered sooner. The UK government’s investment of £150m will go towards 16 projects, all of which are subject to final approval of business cases:
- £15m for ‘Just Tech’ the world’s first institute for forensic science innovation, at the University of Dundee;
- £ 5.7m for cyberQuarter, a cyber-security centre of excellence at Abertay University;
- £ 8.1m for the Aviation Academy for Scotland;
- £20m for the International Barley Hub at the James Hutton Institute;
- £25m for the Advanced Plant Growth Centre at the James Hutton Institute;
- £5.2m for the creation of an advanced plastics recycling facility capable of treating all waste plastic types;
- £5m for Perth Innovation Highway that will support business development at the planned Perth Eco Innovation Park;
- £10m for the transformation of Perth City Hall into a new museum and potential home for the Stone of Destiny;
- £24.5m for the Eden Campus, a Centre of Excellence in Low Carbon and Renewable Energy innovation at the University of St Andrews. Plus a further £300,000 for the Stretch Dome Simulator that can be used to test research and innovation in areas like climate change;
- £2m for rural high speed broadband in Angus and in Perth & Kinross, which will be enhanced by a further £5.9m from the UK government’s local full-fibre network programme;
- £5.6m to promote North Angus and Montrose as a clean growth zone;
- £5.9m for low carbon projects in Angus;
- £15m for the development of agritech in Angus;
- £100,000 for developing Innerpeffray library, Scotland’s oldest lending library;
- £1m for the Crief International Highland Centre;
- £1.6m for Aero Space Kinross.