Spending boost set for further city regeneration projects
Posted on Thursday 8th June 2017
Newport City Council is seeking an agreement with the Welsh Government that will allow it to spend more than £2 million on regeneration schemes.
In 2002, the council and the Welsh Government established urban regeneration company Newport Unlimited.
To achieve the aim of economic regeneration, a number of joint ventures were undertaken including the development of Old Town Dock and the renting out of Alacrity House for a business incubator hub.
As result, more than £2.3 million has been generated for the council.
At a meeting next Wednesday (14 June), the cabinet will be asked approve a protocol which will enable the money to be spent in the city with Welsh Government approval.
It is recommended that all the funding should be used for economic regeneration activities within Newport.
In line with the Well-being and Future Generations (Wales) Act, public bodies such as the council have to ensure that decisions that are made should take into account the impact on residents.
Spending this money in Newport would support the aims of the act by building a more prosperous and resilient city with sustainable and cohesive communities by creating and maintaining jobs, prevent further decline in key areas and improving the physical environment.