Cardiff Council has called for contractors interested in potentially building an indoor arena and convention centre in the city centre.
Though these plans are still in the early stages, the council is looking for firms interested in these two major building projects, both expected to cost around £60 million to build. Along with the Welsh Government they are exploring a number of different funding options, including potentially borrowing (with a low interest long-term repayment plan) from the Treasury's Public Works Loan Board. Another avenue that has been suggested is the use of tax increment financing.
Talks with other cities and developers have seen it draw up plans for a 15,000-seat capacity indoor arena in a horse-shoe layout, rather than conventional fan-shaped floor plate. It will not only be used to stage major sporting events and concerts, but also annual party political conferences.
Alongside this the council also aims to deliver a 1,500-seat international conference centre with around 500,000 sq ft of exhibition space. The plans are an essential part of the Labour council’s vision for boosting the capital’s economy over the next 20 to 30 years.
Via Construction Enquirer
£617.5 million is planned to be spent on transport and housing infrastructure construction, according to plans published by Welsh finance minister Jane Hutt.
The transport investments will include £40m for the dualling the A465 between Gilwern and Brynmawr, £40m spend on improving the M4 Brynglas tunnel and then £17m for improvements to the A55 in North Wales. £62m will also go toward the first phase of a new scene to create a South East Wales metro system through better bus and rail links.
Meanwhile a total of £170m will go toward housing, £140m of while will be used up until 2016 on the "Help to Buy" scheme. This is in addition to the £34.5m already invested in it during this current financial year.
Other investments included in the plans are £38m toward improving Welsh health facilities (including the final phase of the Noah' Ark Children's Hospital for Wales), £70m for home energy efficiency scheme ARBED ECO and £20m to support a programme of flood and coastal defence improvements.
Jane Hutt said: "Since 2010, the UK government has made significant cuts to our capital budget. By 2015-16 it will be 33% lower in real terms than in 2009-10.
"The tough economic conditions continue but I am determined to use every pound available to invest in infrastructure and boost economic growth in the long-term."
Via The Construction Index
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