What is the Towns Fund?
How did the Towns Fund start?
The Towns Fund deal was created by the Government for towns to improve their economy. It 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 was one of the towns across the country eligible to bid for up to £25m for the Towns Fund. The Town Deal specifically covers Boscombe and the surrounding areas.
The funding 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 Bournemouth Town Deal?
The initial funding award was used to develop a Town Investment Plan for Boscombe and then agree a Town Deal with the Government from October 2020.
The funding is being 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 unique opportunity which builds on the work of the Boscombe Regeneration Partnership
Towns Fund will work with partners and the community on a wide range and exciting regeneration programme to address many of the remaining social and economic challenges in the area.
How will we develop the plans for the deal?
The council 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 oversees the development of the Town Investment Plan together with BCP Council as lead partner.