A planned new winter sports development on the site of Sheffield's former ski village is set to receive a financial boost after a £4.8 million loan of public cash was signed off by council leaders.
A new centre on the same Parkwood Springs site, led by Extreme Sports, is set to include new artificial ski and snowboarding slopes, the UK’s first Skyline Luge track, indoor skydiving, surfing, eSports, biking tracks, a zip line and a lake for canoeing.
South Yorkshire council leaders, along with Sheffield City Region mayor Dan Jarvis, approved the loan to Sheffield Council at a meeting of the combined authority at Doncaster’s High Speed Rail College on Monday.
The funding is for phase one of the development which will be used for site remediation, utilities provision and a new access road ahead of the £22.5m centre's construction.
The scheme is expected to create around 200 jobs.
Shops and housing are also being mooted as part of a potential ‘phase three’.
SCR officer Melanie Dei Rossi told the meeting the total scheme is estimated to bring in nearly £25 million to the local economy which represented a return of ‘£5 for every £1 investment’.
She added it is considered to be ‘acceptable value for money’ for Local Growth Fund investment.
Coun Mazher Iqbal, cabinet member for business and investment at Sheffield Council, said, “This is another important milestone for the Parkwood leisure project.
"We still have lots more work ahead of us and we will say lots more about the project in the future but for now, it’s very good news that the Combined Authority has confirmed this element.
“It will allow SCC to work with the developer to unlock infrastructure and access constraints at the site in due course.”
The Local Growth Fund consists of more than £300 million of Government money handed out for certain capital projects in South Yorkshire.