Levelling Up Fund
Outcome of our Levelling Up Fund bids.
We won £20m to regenerate Bury Market and build a new flexi hall (see: My newsdesk - £20m for Bury).
We also won £20m to regenerate Radcliffe town centre and build a new multi-use civic hub (see: My newsdesk - £20m for Radcliffe).
In March 2021 the Department for Transport, the Ministry for Housing, Communities and Local Government and the Treasury jointly announced the details of the £4.8 billion Levelling Up Fund. The fund operates on a competitive basis and focuses on local infrastructure projects that can deliver a visible impact on people and places within a short period of time.
Support of up to £20 million of funding was available for regeneration and town centre investment projects, and the number of eligible bids is determined by the number of MPs in a Local Authority Area (two in the case of Bury).
Bids were assessed on three criteria:
- The ability to demonstrate that Levelling Up Fund expenditure can be delivered in 2021/2022, with the expectation that all funding provided is spent by 31 March 2024.
- An assessment based on the characteristics of the place (priority category), deliverability, strategic fit, and value for money.
- Ministerial discretion, which will take into account, reasonable thematic and geographical split, approved projects across places of need and other aligned investment.
The Borough's bids
Bury has been successful with two £20 million bids, to support the development of a new civic hub in the heart of Radcliffe's town centre (see Radcliffe regeneration for more information) and a new market flexi hall, to strengthen Bury's town centre offer (see Regenerating Bury Market for more information).