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Cornwall receives first share of Town Deal funding to deliver multimillion-pound regeneration

Residents set to benefit as the Government releases 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 four Cornish areas.

Earlier this year it was announced that Camborne, Truro, St Ives and Penzance were among the 101 areas across the UK to successfully bid for a share of the Government’s £3.6bn Towns Fund. Cornwall was the only place to be offered four Town Deals, securing a total of £88.7m of investment.

Cornwall Council, as local programme lead, has now been allocated the first instalment of the Town Deal funding for 2022-23.

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.

Louis Gardner, Cornwall Council cabinet member for economy, said: “With the first year of funding now in place, the towns – and Truro city – can now start to deliver on the projects that will make a difference to their communities. So much work has gone on behind the scenes to get to where we are today and confirmation that projects can now progress is testament to the commitment and vision of the Town Deal Boards. Cornwall Council will itself be delivering 11 ambitious projects using Town Deal funding to improve connectivity, public spaces, housing and offer grants to businesses. I have no doubt that these investments will revitalise the town – and city – centres, improving life for residents and creating sustainable communities now and into the future.”

Truro’s Town Deal award will be targeted towards enhancing its assets and link with the river.

Alan Stanhope, Chair of Truro Town Deal Board, said: “This is a huge milestone for Truro. We can start to draw down some significant investment and the real work can begin to put our projects into action.

“This is a result of two years of exceptional work from a committed board of volunteers and a small team to develop our portfolio. Over the past six months, we’ve been working on very detailed business cases and it’s this behind-the-scenes effort that has enabled the Government to release the first part of our Town Deal funding.

“We’re proud to be able to get finally started in delivering our vision for Truro as a connected river city.”

Penzance and Newlyn’s objectives are to help diversify the economy whilst delivering key sustainability ambitions.

Martin Tucker, Chair of the Penzance Town Deal Board said: “This is very good news for Penzance and Newlyn and this level of capital funding will allow the various partners to deliver on some very exciting projects that will help to regenerate areas of the town and also bring opportunities for increased training and skills development in some sectors vital to the local economy. These projects will help to support the continued revitalisation of the high street and also create sustainable environments for the future.”

St Ives aims to create new lasting opportunities for its residents and support the development of a year-round economy.

Gareth Jones, Vice Chair of the St Ives Town Deal Board, said: “This is great news for St Ives. This funding has come out of a really long time of working together to devise impactful and positive projects for St Ives residents. We will now be working with the project leads and Cornwall Council to ensure that contracts are signed as quickly as possible so that work can officially begin on delivering these exciting and ambitious projects.”

Camborne will use its allocation of Town Deal funds towards projects that will enhance the environment around the town and deliver new health, learning, leisure and career opportunities for its residents.

Val Dalley, Chair of the Camborne Town Deal Board said: “On behalf of everyone in Camborne who has worked so hard to make the most of this Town Deal opportunity, I’m delighted that the first tranche of funding has been announced. This is a really exciting step forward for the projects we are supporting through this bid, which will bring many benefits for the people of Camborne.”

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