Taunton Awarded £7.9 Million in Growth Point Funding

Taunton has been awarded funding totalling £7.9 million to help support essential infrastructure in the town and enable it to deal with future housing development. The bid for the Growth Point money, which will be released by the government over the next two years, was based around Project Taunton - the £1billion, 50 hectare regeneration programme set to transform the town.

Taunton was awarded Growth Point funds totalling £2.7m for the current financial year (2008) and had to re-apply for money for the next two years. In the next financial year (2009-2010) the town will gain £3.3m of capital funding and £301,249 of revenue funding, while in 2010-2011 the figures have been set at £3.9m capital and £300,698 in revenue funding.

The application process was carried out by Project Taunton. Ian Franklin, Project Director, said: "We are absolutely over the moon to hear that the application for Growth Point funding has been so successful. This outcome is a credit to the hard work carried out by the excellent team behind Project Taunton, and the funding will help us deliver the level of sustainable regeneration that Taunton deserves. The boost is a financial shot in the arm at a time when the local, regional and national economy is under pressure."

The Government grant will help kick start projects aimed at enhancing Taunton's key role as a major player in the South West. The first stage of funding, received this year, has already helped progress the planned regeneration. To date, money has been spent on supporting the completion of critical flood works, designing and funding new public spaces in the town centre and on carrying out studies essential to the planning and delivery of the proposed urban extensions. It has also been used to match fund other projects in a way which maximises both impact and value for money.

The award of additional funding for 2009/10 and 2010/11 will ensure that critical infrastructure can be properly planned for and implemented in a way, and to a timescale, which has a major impact on the delivery of the town's future growth.

Ian Franklin adds: "Taunton is one of the smaller Growth Points but faces a tremendous challenge to accommodate the scale of housing and employment growth planned for it, including a 45% increase in housing numbers to 2026. The Growth Point funding has already proved invaluable in helping to support the work of both the dedicated delivery team and the other local partners. We want to provide a first rate, sustainable scheme for the people of Taunton and this money will help us continue to meet our aims."

Project Taunton is one of the largest town centre regeneration programmes in the South West. It will create 2,000 new homes in the town centre and support at least 18,000 new homes across Taunton as a whole. It will also provide 80,000m² of employment space, 50,000m² of new retail space and at least 7,000 jobs.

Recognised as a key social and economic development for the region, the regeneration of Taunton is promoted and supported by Taunton Deane Borough Council, the South West RDA, Somerset County Council and the Environment Agency.