Plans for the future development of the site of Northern Ireland's former top security Maze prison include a conflict transformation centre, the first and deputy first ministers have confirmed.
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Earlier on Thursday, Martin McGuinness revealed that he and Peter Robinson had reached agreement on the long-running issue.
The failure to develop the site after the collapse of plans to build a sports stadium has been a major controversy, but the Sinn Fein representative said "good news" was imminent.
Read Ken Reid's blog: At last progress on the Maze
At the official opening of the Newry bypass, Mr McGuinness said:
"I think Peter Robinson and I will have more good news to announce in regard to the development of the Maze/Long Kesh site".
"We have actually reached agreement and we will publicly announce how we intend to take that forward over the next very short while", he added.
Sinn Fein and the DUP later outlined a "two-pronged" plan, comprising a Peace Building and Conflict Resolution facility and a development agency to unlock the commercial potential of the site.
"The controversial Conflict Transformation Centre will go ahead but in a sanitised form", UTV's Political Editor Ken Reid revealed in his blog.
Mr McGuinness confirmed that the Office of the First Minister and deputy First Minister will shortly submit an EU funding application for a conflict centre.
"It is anticipated that the centre will be a world class facility of international importance designed to strengthen our peace building expertise and to share our experiences with others throughout the world", Mr McGuinness said.
"The Corporation will drive forward the development of the site and it is believed that the Royal Ulster Agricultural Society will relocate to the site during the first phase of the redevelopment."
The site will retain a number of buildings which are listed, including the H-blocks and the hospital where 10 republican hunger strikers, led by IRA prisoner Bobby Sands, died in 1981.
Unionists had in the past expressed concern over any plan to retain buildings linked to the republican hunger strikers.
"The Development of the Maze/Long Kesh site is hugely significant not only in terms of Northern Ireland but for Europe as a whole", Mr Robinson said on Thursday.
"The site, which is some 360 acres, could potentially create some 6,000 jobs, securing the construction industry in Northern Ireland for years to come."
Mr Robinson and Mr McGuinness said they will table a motion in the Assembly at the earliest possible opportunity to debate the plans.
SDLP Upper Bann MLA Dolores Kelly has welcomed the move.
"It is unfortunate that the planned shared multi-sports stadium will not go ahead at this location but there is an onus now that we have progress to make the most of this development opportunity", she said.
But Ulster Unionist leader Sir Reg Empey criticised the proposed Conflict Resolution Facility on the site of the former prison.
"Considering that recent months have demonstrated how deeply divided Northern Ireland is over the past, I would have preferred the issue of the Conflict Resolution Facility to have been parked for the time being", Mr Empey said.
"Progress on the Development Corporation is welcome - but long overdue. It is now up to First and deputy First Ministers to ensure that the dithering and delays of the past 3 1/2 years are not repeated".
Alliance Lagan Valley MLA Trevor Lunn said more must be done.
"There is still much work to be done and many decisions that will have to be agreed before the local area and Northern Ireland in general will see the benefits from this development", Mr Lunn said.
"The long running saga of the re-development of the Maze site will continue and I look forward to the day when it has been completed."
TUV Leader Jim Allister hit out at "massive DUP climbdown".
"Make no mistake 'Conflict Resolution Centre' is subtle code for 'Provo Shrine'", he said.
The issue of how best to redevelop the site has raged since the prison closed in 2000.
In May it emerged more than £12m has been spent on the potential redevelopment of the former prison, including work to clear the site.
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