£895,000 fund to support communities near Magna Park, Corby on Executive agenda
Growth, plans and policies07 July 2026
North Northamptonshire Council looks set to launch a new grant fund of almost £895,000 to support communities near a major development site in Corby.
A proposal to introduce a Development Impact Fund, utilising a Section 106 (S106) agreement linked to the Magna Park site, will be discussed by Councillors at a meeting of the council’s Executive next week.
If approved, the fund would allow investment in projects designed to mitigate the impact of the large-scale development.
The Magna Park scheme is a major development, on the outskirts of Corby, covering around 80 hectares and expected to employ over 7,000 people.
It is anticipated that that the fund will be open to a range of organisations including community groups and local town and parish councils, as well as council services such as country parks and woodlands, for projects like improvements to community facilities, public spaces and environmental initiatives.
Any applications would be assessed through a competitive bidding process, with funding decisions made by a panel of Councillors, plus council officers. The proposed scheme aims to ensure funding is distributed fairly and delivers the greatest benefit to communities most impacted by the development.
This significant funding presents a real opportunity to invest in the communities near the Magna Park development. By creating the Development Impact Fund, we would be ensuring that growth in our area brings lasting, positive benefits for residents - alongside the traditional benefits of employment and economic growth. I am keen that we support projects which are of high quality.Cllr Jan O’Hara, North Northamptonshire Council’s Executive Member for Planning and Economic Growth
If the report is approved, we would look to support a wide range of projects - from improving local facilities and public spaces to enhancing our natural environment. It is important that applicants consider the long-term sustainability of projects once the funding runs out.
This is exactly the kind of practical, community-focused investment residents expect to see alongside major developments. By securing and reinvesting these developer contributions, we are making sure that growth works for our existing communities as well as our future economy.Cllr Graham Cheatley, Deputy Leader of the Council and Executive Member for Finance, Efficiency and Change
We are pleased to be working with North Northamptonshire Council as they seek to ensure the Community Impact Mitigation Fund delivers meaningful benefits for communities closest to Magna Park Corby. This latest contribution builds on our ongoing work locally, including opening the Cowthick Plantation nature trail, funding a new bus route and creating thousands of local jobs. We look forward to supporting a wide range of community-led projects intended to deliver lasting benefits for the area.Gwyn Stubbings, Principal at Marq Logistics
The council, like other councils, secures developer contributions (commonly referred to as Section 106) from developments in the area, to help mitigate the impact of those sites. Funding is used to mitigate the impact of new developments and support the local area.
If the Executive report is approved, it is anticipated that the first call for projects would be in late summer 2026. Further updates will be published in due course.
North Northamptonshire Council’s Executive will meet on Tuesday 14 July and the papers are now available online. The meeting will be live streamed on YouTube.