Truro Town Deal board agrees business cases:
Next step for transformational projects in the city
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 (Wednesday, 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 to 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 £900,000 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 the Truro Harbour and Lemon Quays project.
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
Next steps for Truro Town Deal
In August last year, the Town Deal Board signed a Heads of Terms agreement with the Government and Cornwall Council.
Since then, work has been going on behind the scenes to develop business cases for each of the projects put forward in the Town Investment Plan. These cover aspects such as detailed budgets, potential impact on the city’s economy and outline timeline for delivery.
Now Truro Town Deal Board has approved business cases and funding allocations, the portfolio of projects moves to Cornwall Council as accountable body for further assessment prior sign off through Section 151 processes.
Cornwall Council will then submit the finalised Truro Town Deal Programme and associated projects during July to meet the Government’s deadline. Once approved by Government, funds could be released early Autumn 2022.
Truro is one of 101 towns, and four in Cornwall, selected to bid for the Government’s £3.6 billion Towns Fund which aims to drive economic regeneration.