East Riding of Yorkshire Council is proposing to create a multi-million-pound reserve to provide match-funding for regeneration projects and to take advantage of economic development opportunities across the East Riding.
Councillor Stephen Parnaby OBE, leader of East Riding of Yorkshire Council announced at a special meeting of Full Council, in February, to set budgets and council tax, that the council would explore the possibility of creating a regeneration fund to support growth in the local economy.
It has now been revealed that £18.7m has been identified from reserves and one-off funding will be made available to support economic development and regeneration opportunities, including funding for approved capital projects for the regeneration of Bridlington in accordance with the Area Action Plan.
Councillor Parnaby said: “Proposals to establish a regeneration fund, which has been made possible thanks to prudent financial planning by this council, is welcome news.
“The council has already approved a Business Rate Relief Scheme, to help support a whole range of retail businesses, and is also looking at the possibility of a fund to ‘Help Out Our High Streets’, with details to be announced shortly.
“The council has already secured substantial funding from the Regional Growth Fund, Growing Places money and through Enterprise Zones and Assisted Area status.
“Those funds are welcome but it is clear the future will be on a ‘bidding’ basis. We need to be at the forefront of that across a range of areas, including highways, flood protection, housing, the visitor economy, assisting inward investments and growth. Much of the money available, either at a national or European level will expect, indeed require, match-funding.
“The setting up of a regeneration fund would put the council in a good position to continue to apply for funding for major projects, benefitting the local economy by supporting and creating jobs and also helping people to develop new skills through various training opportunities.”
The proposals for the regeneration fund will be put before the council’s cabinet on Tuesday, 22 April.