How did the Towns Fund start?
The Towns Fund is a new funding scheme launched by the Government for towns like Bournemouth to improve their economy. The Government has invited 101 towns to develop proposals for a Town Deal, as part of the £3.6 billion fund.
The Towns Fund Prospectus published in November 2019 explains further detail about the Fund such as:
- background to the fund
- how the scheme can create a sustainable future for towns
- the process of agreeing a Town Deal
Our Town Deal bid
Bournemouth is one of the towns across the country eligible to bid for up to £25m for the Towns Fund. The Town Deal will specifically cover Boscombe and the surrounding areas.
The Government has awarded us £173,029 to support developing the bid for this funding. Through this process we will need to identify:
- which projects will be delivered
- what funding is required
- how these projects fit with the wider, longer term plan for our continued regeneration
We need to bring forward firm proposals developed in close working relationship with our local communities, partners, private and public investors.
If we secure the £25m it will deliver jobs, homes, skills and action to reduce our carbon emissions. It must include activities which ensure all our residents directly benefit from the proposed investment.
What is the Boscombe Town Deal?
We will be using the initial funding award to develop a Town Investment Plan for Boscombe and then agree a Town Deal with the Government from October 2020.
The funding will be used to develop ambitious projects to deliver jobs and homes. We will engage our communities and partners to develop the deal and prepare a joint bid for this funding.
This is a unique opportunity to build on the work of the existing Boscombe Regeneration Partnership with the opportunity presented by the Towns Fund to deliver a wide-ranging partnership programme of regeneration which will address many of the remaining social and economic challenges in the area.
How will we develop the plans for the deal?
The council has established a 'Towns Fund Strategic Board' in accordance with the guidance detailed in the Towns Fund prospectus. It is made up of:
- local businesses
- community representatives
- council members and officers
- Dorset LEP
- Coastal BID
The Board will oversee the development of the Town Investment Plan together with BCP Council as lead partner.