Bay’s cash boost could lead to overall investment of £135million
News of the £21.9 million Town Deal funding has been welcomed by politicians, tourism and business leaders.
A detailed business case will now be submitted to unlock the cash to drive economic regeneration in the town centre, providing a once in a generation opportunity to bring about significant change.
The funding will be used to deliver innovative regeneration and transformational projects set out in the Torquay Town Investment Plan.
The projects within the investment plan are expected to attract additional private sector investment into the town.
The total development cost of the projects is an estimated £135m.
The funding decision comes just two weeks after an announcement of accelerated funding of £750,000 to bring some of the projects forward immediately.
Vince Flower, chairman of the Town Board, said: “In securing the Town Deal we can now capitalise on the recent private investment being made and really make a difference to the town and community.
“Delivering the Town Investment Plan is crucial to bringing in much needed funding and investment to Torbay, and with the impact of COVID-19, the need for this is now even more critical than ever.
“The projects in the plan have been chosen for their impact in the short and medium term and also their ability to be brought forward at pace.”
Councillor Darren Cowell, Deputy Leader of Torbay Council, said: “This is a huge and timely boost for Torquay.
“Together, with partners, now is the time to deliver our ambitious plans for Torquay.
“With transformation of the town centre we will build a prosperous future.”
Councillor Swithin Long, cabinet member for economic regeneration, tourism and housing, said: “Knowing Government has confidence in our plans and want the detailed bids means we can resolve the bigger challenges in the town, addressing key locations.
“The projects will help transform Torquay’s economic growth prospects, with a focus on improved transport, broadband connectivity, skills and culture which will also benefit the whole of Torbay.”
The first business cases will be submitted in the first quarter of 2021 with the physical works on the projects likely to start within three to six months of the submission.