Central Salford Urban Regeneration Company winds up

Image caption, How architects believe Media City will look on completion

The company responsible for the £1bn regeneration of Salford including Media City is to be wound up after it lost its two major funders.

Central Salford Urban Regeneration Company lost grants from the axed North West Regional Development Agency and the Homes and Communities Agency.

Its third major funder Salford City Council said it will seek private developers to continue redevelopment.

The company said that existing regeneration schemes will be completed.

'Extremely talented'

Felicity Goodey, chairman of Central Salford URC, said that she was confident that the regeneration of Media City, Chapel Street, Irwell River Park and the Exchange Greengate project will be finished.

Salford City Council has said it is committed to finding private developers to create a development partnership to deliver the schemes to their planned completion.

Ms Goodey said: "We set out with an ambitious vision and thanks to the strength of the partnership we have with Salford and its people we have delivered far more than ever promised.

"We want to close the company in an orderly way with no debts.

"I'd be astonished if all this regeneration doesn't continue as the prizes for investors are too high and we believe there's plenty more to do."

Council leader John Merry said: "Despite the challenges of multi million pound public spending cuts facing the city, we are determined not to lose the momentum built up by the URC."

A URC spokeswoman said the BBC's future at Media City was not affected as the contracts have already been signed.

The URC's 20 staff have entered a consultation period over the future of their posts after the company folds in March 2011.

Related Internet Links

The BBC is not responsible for the content of external sites.