Gloucester council poised to gain regeneration assets
- 8 April 2011
- From the section Gloucestershire
Key assets in Gloucester's regeneration project are close to being handed over by the government to the city council.
The move will end fears sites like the Barbican car park and Fleece hotel were to be sold when the South West Regional Development Agency (SWRDA) is wound up.
Some assets come with incomes that will help fund the Gloucester Heritage Urban Regeneration Company (GHURC) which is organising the city's £1bn revamp.
It means the programme of works, which had been put on hold, can continue.
The SWRDA, which funds the GHURC, is being wound down by the government.
City council leader Paul James said: "Those assets come with incomes attached, specifically car parking and that revenue will allow the urban regeneration company - albeit in a reduced form - to continue," he said.
"The second point is that we have control over those assets, because they do form part of bigger regeneration schemes and we can make sure they're used appropriately."
The GHURC's chief executive Chris Oldershaw said: "We've effectively lost a couple of years because of the recession, so I think what was a 10-year regeneration programme may run to 12 years," he said.
"But despite the recession we've managed to maintain the momentum."