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The Mayor of London Boris Johnson has announced a £50m fund to boost regeneration and rejuvenate town centres at the very heart of local London communities(March 30th)

After months of tough negotiations with government, this key fund will revitalise projects or get new schemes off the ground at exactly the right time for communities concerned about the future.

 

This money will go a long way to support the establishment of local businesses districts, and the improvement of retail, leisure, culture and arts provision, all bringing vibrancy back into communities, providing more secure futures for those who live and work locally and above all improving the quality of life of many.

A major step forward to stimulate economic growth in London’s vital network of outer London town centres, this fund will specifically target those boroughs which benefit less directly from the 2012 Games and Crossrail and will accelerate a pan-London economic recovery advancing job opportunities not just for a few but for many.

The Mayor of London, Boris Johnson, said:

This fund is a vital shot in the arm for our town centres and just the help needed to get new projects off the ground that wouldn’t otherwise happen. I am delighted that after months of hard negotiations we have secured a significant pot of money to help projects really motor and we now have the means to nurture developments, increase work and leisure opportunities and make futures bright. It is vital we address the historic neglect of the outer boroughs that preceded this mayoralty and this is one of the ways we can start delivering growth.

‘What we know through the work we have already done with the Outer London Commission, is that one of the greatest economic assets provided by the outer boroughs is the quality of life afforded to residents. We are talking about the places people call home - the communities they care about, the commercial centres where they shop, where their kids play where they meet friends or spend time with families. These places are the very beating heart of communities and also offer great economic wealth that needs to be fully tapped into.’

Those boroughs that qualify will be able to bid for a slice of the fund to enable regeneration schemes at a tipping point to go ahead and could be the difference between the success and failure of a project.

The Mayor unveiled the fund, as part of the economic development settlement from Government, during a visit to Bromley town centre today.

Councillor Stephen Carr, Leader of Bromley Council, who joined the Mayor on his visit, said:

This is great news for boroughs like Bromley.  The Mayor’s new fund is one which can help us continue our regeneration work to improve our town centres across the borough.  We are committed to meeting local priorities and will certainly be bidding for a slice with high expectation, to help with some of our key projects.  Our exciting plans for Bromley are in place, including the Bromley Town Centre Area Action Plan, and we are looking to move forward quickly.’

The Mayor will now work with the Outer London Commission, an independent body Mr Johnson set up as one of his first acts as Mayor, to advise his team on how to get the best out of money available through this new fund.

Councillor Teresa O’Neill, Leader of Bexley Council, who is an unpaid advisor on the Mayor’s Outer London Commission, said:

'Outer London offers not only a tremendous quality of life, but has major interests and businesses of its own. Its success is vital to the economy of London and to the nation as a whole. This money will make a significant difference in making sure that outer London plays a full part in the capital’s continued success.'

The Outer London Commission includes representatives from public voluntary and private sectors and is advised by experts in architecture, economics, business, local communities and development.

The Mayor’s Outer London Commission will now test and advise on how the bidding process will work including criteria for potential bidders.

 

Source: London Mayor

Written by Scott Buckler
Thursday, 31 March 2011 13:01

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