A report to the committee said the project aimed to deliver the “world’s most advanced and integrated healthcare system for children, bringing together industry, academia, clinicians, patients and families to create high-value child healthcare products at pace”.
The report said the scheme would “accelerate development” of the Olympic Legacy Park, creating “high-value” jobs and developing new companies.
It said the project would generate more than £2bn of value for the region’s economy.
The council has already agreed to a 250-year lease of the land to the NHS trust, with building work set to begin next month, according to the Local Democracy Reporting Service.
The centre has received a total of £22m of funding, including from the South Yorkshire Mayoral Combined Authority and the Children’s Hospital Charity.
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