Town Deal Fund

        

In September 2019, the Government invited 101 places across England to each apply for up to £25m funding. This funding is to encourage economic regeneration across the regions. Read further information on the town fund prospectus.

Town Fund Prospectus

Four of the places identified as part of this initiative are towns in Cornwall:

• Camborne
• Penzance
• Truro
• St Ives

The focus of the regeneration is on

• Urban regeneration
• Planning and land use
• Skills and enterprise infrastructure
• Connectivity (both physical and digital)

In September 2022, the UK Government released the first £18.3m of the £88.7m Town Deal funding to deliver regeneration plans, boost the economy, revitalise town centres and improve the connectivity of the four areas. Find out more about the announcement of the first stage of funding in Cornwall. 

Cornwall Council, as local programme lead, is in the process of issuing grants funding agreements to the organisations leading on the projects. Over half of the projects in the programme have now received their first grant payment.

The Town Deal funding allocated to Cornwall will support over 30 projects, to be delivered by a variety of private, public and voluntary organisations, across the four towns by March 2026.

What is a Town Deal?

A Town Deal is an agreement in principle between government, the Lead Council and the Town Deal Board. It sets out a vision and strategy for the town, and what each party agrees to do to achieve this vision. Cornwall Council is the Lead Council for the Town Deals programme in Cornwall.

Each of the four towns has established a dedicated Town Deal Board, comprising representatives from;

• Government
• Cornwall Council
• Town/Parish Council
• Other stakeholders from local business and enterprise

Town Investment Plans

Following the launch of the Towns Fund by Government, the Town Deal Boards submitted their Town Investment Plan in January 2021. The Town Investment Plans outline the projects that each town wishes to implement. This is in consideration of their specific requirements for growth and regeneration.

The Town Deal Boards consulted with residents and businesses and worked in collaboration with Cornwall Council to create their Town Investment Plan

Please find a link to the Town Investment Plans below.

• Camborne
• Penzance and Newlyn
• St Ives
• Truro 

Timeline

Summer 2021

The Government announced up to £88.7m Town Deal funding to Cornwall following the review of the Town Investment Plans.

As a result, the projects proposed in the four Town Investment Plans were asked by the Government to submit their individual Business Case to Cornwall Council.

A business case provides further details on the project before it can be approved, this includes its costs, how it will be managed and its impact. A Business Case is used to demonstrate that the project is feasible and financially viable. As Lead Authority for Cornwall, Cornwall Council’s role is to assess each project’s Business Case. Once approved the Town Deal Boards review and sign off the final projects.

September 2022

The government reviewed and approved the Business Cases and released the first £18.3m of the £88.7m Town Deal funding to Cornwall Council.

Following this, Cornwall Council started issuing the Grant funding Agreements in November 2022 to allow projects to progress with their next phase of delivery.

2023

Public consultations and events took place across the four towns to present the project proposals to the public. Construction also started on a few projects.

The projects vary in size and complexity. Consequently, they are being delivered at different pace until the end of the Town Deal funding programme in March 2026.

2024

While a number of the projects are about to start construction this year, a number of other projects are working on submitting planning applications or recruiting staff and contracting builders. Some others are continuing to seek additional funding to match the Town Deal investment.

2025 – Construction Phase

Next year, a number of the smaller scale projects will be finished and opening their doors. Others will be in construction and getting ready for completion by March 2026.

• View the key dates for the Town Deal Programme
• Town Deal Questions and Answers

You can find more information about each Town Deal by visiting their dedicated websites below:

Visit Camborne Town Deal website

Visit Penzance Town Deal website

Visit Truro Town Deal website

Visit St Ives Town Deal website

Grants for Businesses

As part of the Town Deals programmes, a number of business grants are now available across Camborne, St Ives and Penzance for a range of capital investments. Find out more about the eligible costs, value of the grants and how to apply on their respective webpages. 

Grants for businesses in Camborne

Camborne Business Improvement District leads on the Project Avoid-2 as part of the Camborne Town Deal programme.  Applications for the Round 2 of their business grants is now open for application. Find out more here: Camborne BID

Grants for businesses in Penzance

Cornwall Council is leading on the Enterprise Grants Fund as part of the Penzance Town Deal Fund programme.

Applications are open for applicants seeking larger grants (between £50,001 and £250,000). Find out more information on how to apply for Penzance Town Deal Enterprise Grants.

Application for round 2 of grants between £2,500 and £50,000 closed on 22 January 2024. The Fund team are now appraising the projects and issuing contracts to the successful applicants.

Grants for businesses in St Ives

Cornwall Council is leading on the Enterprise Grants Fund as part of the St Ives Town Deal Fund programme. Applications are open for applicants seeking larger grants (between £50,001 and £150,000). Find out more information on how to apply here: St Ives Town Deal Enterprise Grants

Applications for round 2 of grants between £2,500 and £50,000 closed on 06 November 2023. The fund team are now appraising the projects and issuing contracts to the successful applicants.

Town Boundary Maps

• Camborne Investment Plan Boundary
• Penzance Investment Plan Boundary
• St Ives Investment Plan Boundary
• Truro Investment Plan Boundary

All Town Deal Board members have signed up to a code of conduct. This is based on the Seven Principles of Public life (the Nolan Principles).

Each Member of the Town Deal Boards is required to provide a Declaration of Interest form, these are available on request. Members also declare interests at the beginning of each Board meeting, this information can be found within the Board meeting minutes.

View the Seven Principles of Public Life

Town Deal documents

Publicity and Branding Agreement

Please see below for documents relating to the town deal including:

• codes of conduct
• terms of reference
• agenda
• minutes