Creation of a new wholly-owned, arms-length company called South Yorkshire Future Trams Limited, a new partnership with Homes England and greater infrastructure investment in South Yorkshire have been agreed by members of South Yorkshire Mayoral Combined Authority Board.
South Yorkshire Future Trams will run the concession from March 2024, including investment in restoring and renewing the tram’s power lines and track, and the renewal of the trams themselves.
Taken together, the three decisions will provide greater strategic investment to improve the economy and infrastructure in South Yorkshire, says Mayor Oliver Coppard. “We’ve always owned the tram, but for most of the last thirty years it’s been managed and run by Stagecoach. Bringing the tram back into public control is a down-payment on our ambitions for a different type of transport network in South Yorkshire; one that puts the needs of our communities first.
“It does come with risks, but it is the right thing to do, because if we want to build a bigger, better economy, to make sure people have the opportunity to move about our region quickly and cheaply, to take traffic off our roads, then we need an effective, efficient mass transit network.
Members approved plans to enter into a Memorandum of Understanding with the South Yorkshire Pension Authority to increase investment in the region, which will support existing business and new businesses. They also agreed in principle to enter into a Strategic Place Partnership with Homes England, which will attract further Government and private sector investment to build more homes.
“If we want a bigger, better economy we need more long-term investment into South Yorkshire. I promised to work with South Yorkshire Pensions Authority to invest more of their money here in our region, and I’m pleased to say I’ve kept that promise,” continued Mayor Coppard.
“But we also need investment in the bricks and mortar of our communities, so today we have also agreed to enter into a strategic place partnership with Homes England. That means we’ll be at the heart of how decisions are made in the critical area of housing for our region.”
