AN INNOVATIVE organisation has been set up in Thanet to help unlock the area’s economic potential.

The East Kent Spatial Development Company is working to tackle the problem of the poor untilities support structure on the island to attract business.

Government minister Lord Rooker attended a turf cutting ceremony at Kent International Airport Manston for a new electricity sub station. With the electricity grid locally reaching capacity, the EKSDC has worked with EDF Energy to construct a new sub-station and distribution network to supply the area’s business parks and the airport.

Once the first phase of utilities has been taken up by developers and their share of the costs paid back to the Company, the money will be reinvested in further provision. This approach, which has not been tried before, is now attracting interest from other development areas in the South East.

The Minister of State for Regeneration and Regional Development also visited projects which had benefited from Objective 2 money from the European Commission.

During his two hour tour, he also visited Droit House in Margate, the Visitor Interpretation Centre for Turner Contemporary, the international arts gallery due to open in 2007.

Droit House was restored using Objective 2 funds, which also helped the Thanet Community Development Trust, Lord Rooker’s next stop. Since its formation, it has created more than 100 jobs and more than 1,000 volunteer places.

The Minister visited the Trust’s Community Centre at Northdown Road, a focal point for information, advice and community action, providing a meeting place for people to train and develop themselves and a base for partner organisations, such as the Citizens Advice Bureau, to hold drop-in sessions.

Thanet has received Objective 2 funds since 1994 and, during that time, partnership working between the private and public sector has led to more than 3,000 jobs being created locally, with the unemployment rate falling from a high of 18 per cent in the early 1990’s to a low of 3.1 per cent in December 2004.

Cllr Bob Bayford, cabinet member for regeneration and economic development, said Objective 2 funding has completely transformed the area.

He said: "Without this money, Thanet would not be where it is today. Thanks to Objective 2 funds and successful private public sector partnerships, thousands of jobs have been created, property prices have soared and we have moved from a position of deprivation to being one of the region’s most desirable seafront locations.

"Evidence of that can be seen in the building of the Westwood Cross shopping centre, which is attracting some of the country’s most high profile retailers, together with plans for a high quality housing and leisure development on Ramsgate seafront, and the changes taking place in Margate Old Town, ahead of the opening of Turner Contemporary in 2007."

Bob Kersey, chief executive of the East Kent Spatial Development Company, believes the unique approach being taken by the organisation is the way forward for Thanet.

He said: "By providing this badly needed improvement to the local infrastructure, we are opening up the opportunities for inward investors.

"This part of Kent has land available for development and has already seen significant improvements to its transport links. Until now, the missing link has been the utilities infrastructure.

"With that coming online, the message to developers is clear - we are here and ready for them to invest in Thanet."