The Towns Fund is a scheme of funding launched by the Government for towns such as Peterborough to boost economic productivity and support sustainable growth. Peterborough is one of the 101 towns across the country eligible to bid for the fund.
The Towns Fund Prospectus was published in November 2019 with the guidance on applications published in June 2020.
The overarching aim of the Towns Fund is to drive the sustainable economic regeneration of towns to deliver long term economic and productivity growth. This will be done through investment in:
- Urban regeneration, land use planning and infrastructure
- Skills and enterprise infrastructure
The funding will be used to develop ambitious projects to realise our plans for the transformation of Peterborough to a city of growth, prosperity and opportunities.
Our Town Deal bid
Peterborough is eligible to bid for up to £25m from the Towns Fund as part of a Town Deal. The Town Deal will be focused on the City Centre and the immediately surrounding areas, as adopted by the Local Plan in 2019.
We will be using the initial capacity funding award from the Government to develop a Town Investment Plan for Peterborough with the aim of agreeing a Town Deal with the Government by autumn 2020.
The funding will be used to develop ambitious projects to deliver jobs and homes and support inward investment. We will engage with our local communities and partner organisations to develop the deal and prepare a bid for this funding which will be overseen by a Town Board with representatives from a range of local organisations.
This is a unique opportunity to build on the work of the existing City Development Framework with the opportunity, presented by the Towns Fund, to deliver a wide-ranging programme of regeneration which will address some of the city’s most important economic, social and environmental challenges and opportunities.
How we will develop the plans for the deal
The council has established a Town Board in accordance with the guidance set out in the Towns Fund prospectus. It is made up of:
- local businesses
- community representatives
- council members and officers
- combined authority
The Board will oversee the development of the Town Investment Plan together with Peterborough City Council as lead partner.
The Investment Plan was submitted to MHCLG on the 31 July and can be read below, Peterborough Investment Plan July 2020. We are expecting feedback in October 2020.
The board meets on a regular basis and you can find all minutes of meetings and terms of reference published online.
For further information, please email Helena.Hansen-Fure@Peterborough.gov.uk.