A £10.6m international air and space centre plan for Newark is a step closer after its business case passed financial assessments.
Newark and Sherwood District Council is set to discuss the plans for the project at a policy and finance committee on 27 January.
Last year the Newark Towns Fund Board, made up of private and public bodies and businesses. submitted the Newark ‘Town Investment Plan’.
This outlines 30 projects to span the next 30 years, including plans to regenerate the town centre, boost business and improve infrastructure.
A report prepared for the meeting said the outline business case for the new air and space centre has been approved by independent assurers, Quod.
Quod concluded that the project would offer “value for money and has demonstrated its deliverability”.
The business case seeks approval for £10.6 million from the Newark Town Deal to support the delivery of an International Air and Space Training Institute (IASTI) facility in Newark.
Matt Lamb, director of planning and growth at the council, said: “The IASTI-Newark will blend education with practical experience in partnership with the civil and military aviation industry.
“The project responds to skills shortages in the aviation and space sectors, who have struggled to attract, educate and retain qualified individuals needed to meet projected growth in these sectors. The project is led by Lincoln College Group and is supported by industry.”
The new centre is due to open in 2023. The purpose-built facility will be between Newark Castle Station and the A46 Newark Bypass.
On 27 January, councillors will approve the outline business case.