Newbridge to get £100k regeneration cash from land sale
2:30pm Tuesday 17th July 2012 in Business
CAERPHILLY council is set to release a further £100,000 to help with the continued regeneration of Newbridge.
The local authority’s cabinet will today be recommended to approve transferring the money to the newly opened bank account of the Newbridge Partnership.
This follows a council report in February 2002, which recommended the council ringfence capital receipts fromthe sale of land at the Newbridge Gateway site to support bids by members of the Newbridge Partnership.
Because the organisation didn’t have a bank account at the time, it could not receive the cash, so it felt more appropriate that the council hold on to it and distribute it.
It has since been used to support local projects in line with the Newbridge Action Plan – including a floodlit training pitch at Newbridge RFC, new nets for the town’s cricket club, a new super bridge and CCTV along it, and a large landscaping project at Parry Square.
The Newbridge Partnership now has a bank account, so cabinet members will be recommended to approve transferring the remaining £100,543.17 of capital receipts to its account. It will then be able to allocate the money itself.
Caerphilly council recognises Newbridge as a strategically important town in the midvalleys/ A472 corridor and it is currently being transformed as part of a £11.9 million regeneration programme.
As well as extensive restoration work at the Memo and Institute, it is hoped other regeneration work, including better road surfaces, widening of pavements, new public spaces and street furniture, will help breathe new life into the area.