A £3.7 million regeneration project expected to create hundreds of jobs in Shropshire was today given the go-ahead by Shirehall leaders.The county council cabinet unanimously agreed the development of the second phase of the Tern Valley Business Park in Market Drayton. And it authorised the spending of up to £2.4 million this year to get the scheme under way.

The project is seen as a way of creating jobs and safeguarding existing employment by attracting businesses to the area and also providing the infrastructure for established companies to expand.

The total cost of the scheme is estimated at £3,695,000 and will be supported through the county council’s economic development rolling fund, which was set up three years ago.

North Shropshire District Council has already committed itself to providing a contribution of £734,000.

A report to today’s county council cabinet meeting said other proposed economic development schemes included the third phase of the Ellesmere Business Park and third phase of the Whitchurch Civic Park.

But these require further work to bring them to the point where funds need to be committed.

Councillor John Hurst-Knight, cabinet member for the economy, proposed the Tern Valley project be approved.

He said there was a lack of available development sites in north Shropshire for local company expansion, new business start-ups and inward investment.

There had been requests from companies for sites for further expansion and a number had already expressed interest in the Tern Valley proposals.

The development, he said, would help underpin the local economy.

Previous reports have pointed to more than 250 jobs being created.

The site will cover an area of 10.8 hectares and 14 plots will be created to provide start-up and “grow-on” space for companies.

Cabinet members heard that the scheme had been delayed due to a number of planning issues but planning approval had been granted by North Shropshire District Council on March 5.

A purchase price for the land is currently being negotiated.