Middlesbrough Development Corporation hopes to boost growth and create jobs
Tees Valley Combined AuthorityA new organisation has been set up which it is claimed will transform Middlesbrough town centre.
The new Middlesbrough Development Corporation will cut red tape for investors and have more power over planning, civic leaders hope.
Under the plan, which needs parliament approval, the corporation can borrow cash and buy and sell land.
Middlesbrough Mayor Andy Preston and Tees Valley Mayor Ben Houchen have both backed the idea.
The two mayors laid out the plans which could see the town centre, Middlehaven and Zetland Historic Quarter transformed through investment.
Mr Preston said it would help win "more investment" and create jobs, while Mr Houchen added that it would help cut "red tape and bureaucracy" with planning and development processes.
It will be the third development corporation on Teesside, following the Teesworks site in Redcar and recent plans announced to regenerate Hartlepool.
If the new Middlesbrough body gets approval it could be in place by the end of October.
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