A MULTI-MILLION pound project aimed at reviving the fortunes of Sunderland took a step closer to reality yesterday.
Local Government Minister Hilary Armstrong announced her approval for the setting up of an urban regeneration company (URC) with a brief to help revitalise Wearside, in the area covered by the area regeneration compact.
The project will attract £700m in public and private sector money, and is expected to create 10,000 jobs and 1,000 homes during the next ten to 15 years.
Speaking at the city's National Glass Centre yesterday, Mrs Armstrong said: "The Sunderland URC will help us deliver our commitment to improve the quality of life in our towns and cities.
"Our Urban White Paper pledged to put people first in regenerating their communities.
"URCs bring together the key levers for change."
Sunderland City Council leader Colin Anderson said: "The announcement shows that the partnership formed in the wake of the closures of the Grove and Vaux has achieved what it set out to do.
"We provided the Government with a comprehensive proposal, built around jobs, investment and community aspirations, and I am delighted the Government has responded."
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