WORK on a £14m flood alleviation scheme will start next spring, in the hope of protecting 500 properties.
A giant earth dam will be built on land between the M40 and Daventry Road, Banbury, after a planning inquiry inspector approved the scheme.
The move will remove about 500 business and homes from a flood zone and pave the way for a multi-million pound regeneration of the town centre Canalside area. Work to prepare the site is expected to start in January or February, while the main building work will start in March 2011 and is expected to take a year.
Flood defences will also be built at Wildmere and Tramway industrial estates.
Environment Agency flood risk manager Barry Russell said: “We are extremely pleased for the community of Banbury that the inspector has recommended the scheme go ahead.
“Our plans to reduce the risk of flooding to 441 residential and 73 commercial properties are moving forward.”
The £14m scheme will be jointly funded by the Environment Agency, Cherwell District Council, businesses and Network Rail.
Racing car firm Prodrive will also contribute by building part of the scheme on its land.
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