The BID have been working alongside Gwynedd Council and a host of other partners over the last 12 months through a Strategic Partnership Group to develop capital investment proposals for regeneration to access funding from the recently announced £100 million Targeting Regeneration Investment fund.
£22 million pounds will be made available in North Wales (spread across the 6 LA's) with Bangor being identified as an area of priority for regeneration. Regeneration is defined as “an integrated set of activities that seek to reverse economic, social, environmental and physical decline to achieve lasting improvement, in areas where market forces will not do this alone without some support from government”.
Projects being encouraged should be designed to add value to, and complement, existing investments, both revenue and capital. This means that regeneration projects should not be seen isolation. Opportunities for targeted investment need to be set in the context of wider programmes to build more resilient communities. They should emerge from the ambition and analysis set out in well-being plans and they should be designed to harness the commitment and enthusiasm of communities and local partner organisations.
The Strategic Partnership Group has been working hard to create, define and refine the projects that are to be proposed. On completion, these will be submitted at a regional level, before being presented at a national level for inclusion in the fund. We will keep you up to date with progress on this unique opportunity to gain a significant tranche of funding for the City.