Truro is a step closer to releasing funding from the Government’s Towns Fund for projects to transform the city’s economy.
Following an extraordinary meeting (April 27), which saw the review of business cases submitted by the organisations behind the projects, Truro Town Deal board gave its unanimous approval on the seven projects put forward.
Each of the core projects presented in the City’s Town Investment Plan will go through to the next stage of their development and feasibility assessment prior receiving sign off from Cornwall Council as the accountable body. Following this approval, the finalised Truro Town Deal programme will be submitted to Government during July.
However, since the submission of the Town Investment Plan and as part of the drafting of the projects’ business cases, a potential overspend of £900k has been identified due to the steep rising prices of building materials. As a result, further work is required to refine the costing of the construction phase, meaning the funding allocations could be revised and projects adjusted before submission to Government.
Chair of Truro Town Deal board, Alan Stanhope, said: “We’re delighted to have met this important milestone in delivering the Truro Town Deal programme and maximising this funding opportunity. It’s been a challenging time to work up the finer detail of the projects, against rising costs of construction materials and balancing the budget.
“We’re hopeful that the next stages will run smoothly, leading to a release of the funding during Autumn. That’s when the real work can start in delivering these transformational projects which we are looking to see all completed by 2026.”
Two changes to how the projects sit within the portfolio were agreed at the meeting. A sub-project to refurbish Old Bakery Studios, which previously sat within Truro Harbour & Lemon Quays, has been moved to New Life for City Buildings.
The lifting bridge connecting Lighterage Quay at Newham with Boscawen Park – considered a “flagship” aspect of the Town Investment Plan – has been moved to Truro Harbour and Lemon Quays.
The project portfolio for Truro Town Deal is:
- Truro Harbour and Lemon Quay – to include lifting bridge
- Boscawen Sport and Recreation Hub
- Truro Community Hub
- New Life for City Buildings – To include Old Bakery Studios
- Green Transport
- Royal Cornwall Museum
- The Hive at Pydar