regeneration projects in Bridlington are set to receive backing from a new £18 million regeneration fund.
The fund has been set up by East Riding Council which will match money invested from other sources in projects which help the area’s economy grow.
Bridlington is expected to be one of the first areas to benefit after the decision last year of Tesco to abandon plans for a new store in the town delayed proposals for a wider redevelopment project.
But momentum is growing behind efforts to revive the project after the Government announced last month it would provide £2.15m to support the building of a new leisure centre in Bridlington.
East Riding Council leader Stephen 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.”
Coun Parnaby said the area had already received regeneration cash from a number of Government funds but securing future help was likely to involve the council showing it could match any contributions it receives.
“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,” he said.
The council’s cabinet will discuss the fund later this month.