For the past six months, the newly formed Peterborough Town Board has been working on a detailed application for part of the £3.6 billion fund, announced by the Government at the end of 2019.
The bid to Government includes funding totalling nearly £25million to support a range of projects in areas such as urban regeneration, planning, land use, connectivity, skills and enterprise infrastructure. Views and opinions were obtained from organisations and individuals across the city for this.
Building on the successes of Fletton Quays and the new Peterborough University, the application seeks to support the planned future growth of Peterborough – while ensuring the wellbeing of its residents, boosting visitor numbers and adhering to the city’s pledge to be carbon neutral by 2030.
If successful, the money will be spent on projects in five key areas building upon the recently published development framework.
Peterborough is in the first group of cities to submit applications. It is expected that the Government will review these over the next two months and make decisions on bids this autumn following which a ‘Town Deal’ will be agreed to enable funding to be released for the detailed development and implementation of approved projects.
Matthew Bradbury, independent chair of the Peterborough Towns Board, said: “The time really is now for Peterborough. Our economy has begun to bounce back, from the lockdown.
"Investment in Peterborough continues to be strong with a lot of new development planned, or already underway. The Towns Fund offers an opportunity to develop the infrastructure the city will need to support its growth, promote the wellbeing of residents, encourage further business investment and move the city closer to its goal of becoming carbon neutral.”
Councillor John Holdich, leader of Peterborough CIty Council, said: “We want to build a Peterborough for the future, one that our children and grandchildren can be proud to live in. Our city has a rich heritage and a diverse, yet unified population. With Government funding support we can make our community even stronger and create a city of growth, prosperity and opportunity.”