Council poised to invest in town centre 'for benefit of the local economy'

The council hopes to invest in Blackpool town centre
The council hopes to invest in Blackpool town centre
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Blackpool Council could be set to make an investment into the town centre - but details of the spending are being kept under wraps.

The town's executive committee agreed at its meeting on Monday "to enter the proposed purchase of properties as set out in the confidential report to the executive".

Read more about the town centre here: Fears revaluation of Blackpool's Houndshill shopping centre could impact regeneration plans

Public documents describe the scheme as "a proposal for the development of a portfolio of properties within the town centre" and add "negotiations remain ongoing with the third-party organisations".

However full details were contained in a confidential report.

Commenting after the meeting, council leader Coun Simon Blackburn said: “The council’s executive has agreed to make an investment in the town centre for the benefit of the local economy.

"Due to commercial sensitivities the details cannot be disclosed at this time as negotiations are still ongoing.

"The full details will be made available in due course if the investment comes to fruition.”

If the investment goes ahead it would be funded using prudential borrowing powers whereby councils are able to borrow money at low rates of interest for long-term projects.

The executive also agreed to delegate the final decision on any transaction to chief executive Neil Jack, after consultation with Coun Blackburn, once "all due diligence has been completed".