About the Towns Fund

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In 2019, Peterborough was one of 101 towns across the country invited by government to bid for up to £25 million as part its Towns Fund scheme. 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
Connectivity

We had a unique chance to address the city's key issues and opportunities through a broad regeneration program. We submitted our Investment Plan on July 31, 2020. Then, in January 2021, we signed the Heads of Terms for £22.9 million.

Our Town Deal bid

The Peterborough Town Investment Plan and subsequent Town Deal focuses on the City Centre and the immediately surrounding areas, as adopted by the Local Plan in 2019.

We were awarded £22.9m. We are using it to boost the city with many cultural, health, and tourism improvements. They will make it an even better place to live, work, and visit.

The Towns Fund Board completed business cases for the projects. The government then approved these cases and released funding. Now, the following projects are funded by Towns Fund money. They also receive some match funding from other sources.

Visitor attractions

The Vine (Central Library and Goods Shed) - In 2023, a plan was approved to divide The Vine into two city sites. A refurbished Central Library hub, will also offer spaces for education, community, and business. The Goods Shed (former single storey Victorian railway siding building in Fletton Quays) will be a hall for communal food and drinks.
Activity Centre - Developing a new family fitness and sports facility with a specialist Olympic standard facility including new training/competition areas, family entertainment and an outdoor performance space and room for spectators.

Regeneration and infrastructure

Train station to city link - Improving the connection between our city's train station and the city centre for walkers and cyclists. This piece of work will create a warm welcome entrance to the city..
Embankment Masterplan - A public consultation took place in 2021 to set out a vision and framework for a greener, more accessible place for people to relax and enjoy. This included a new City Riverside Park, new University campus – ARU Peterborough, which opened in September 2022 and cultural quarter around the Key Theatre. This project has been completed.
River Nene Pedestrian Bridge (Cygnet Bridge) - A pedestrian/cycle bridge linking the Embankment and University with Fletton Quays and existing riverside paths. The bridge will be designed to become a local landmark and reduce vehicle use in the city centre.
Lincoln Road upgrade - Improve the look and feel of a section of Lincoln Road by upgrading and widening pavement areas. Put in place new soft landscaping (e.g. shrubs), and other facilities (such as bins, cycle parking and benches) to support the local community and encourage people to spend more time in the area walking and cycling, helping to boost the local economy.

Skills and enterprise

Enterprise hub feasibility study - To deliver a feasibility study for an enterprise incubation and training hub in the city, to help support small digital businesses and grow the city’s digital economy. The report has been completed and a successful bid was made to the Shared Prosperity Fund to support digital businesses, students studying computer science courses and outreach work to encourage people into digital careers. This project has been completed.
Skills in green technology for constructive and automotive industries - Developing new courses for students in green technology motor vehicle/construction industries, with close links to the new University. This will enable more residents to become ‘job ready’ in these upcoming in-demand roles.

For further information, please email townsfund@peterborough.gov.uk.