What is the Towns Fund?
The Towns Fund is the government funding scheme intended for towns to improve their economy. In 2019, the government invited 101 towns to develop proposals for a Town Deal as part of the £3.6 billion Fund. Redditch was one of the towns across the country eligible to bid for up to £25m from the Towns Fund.
To get the process started, Redditch was awarded £173,029 from government to support the development of a bid for the Towns Fund. The bid process needed to identify the regeneration projects most appropriate for the funding, what funding would be required and how the identified projects fit with the wider, longer term plan for ongoing regeneration and economic growth. The bid had to also ensure all Redditch residents would directly benefit from the proposed investment.
How was the Towns Fund bid developed?
To take the bid process forward, Redditch Borough Council established a 'Town Deal Board' in accordance with the guidance detailed in the Towns Fund prospectus. It includes local businesses, community representatives, council officers and other partners committed to improving the town.
The Town Deal Board with the council as lead partner, developed a Town Investment Plan (TIP) which was submitted as part of the bid with a view to being awarded a Town Deal.
See the final Redditch Town Investment Plan that was submitted to the Government on Friday 29 January 2021.
In June 2021 the council and Town Deal Board heard that Redditch had been awarded £15.6 million through The Town Fund.