A £37.5 million government funding package to help regenerate Stevenage town centre is “on track” to be spent by the deadline, Stevenage Borough Council leader Richard Henry has said.
The money was granted for nine separate projects in 2021, but needs to be spent by the end of March 2026.
Several projects with funding designated have yet to be built, including the Sports and Leisure Hub and the National New Towns Heritage Centre.
At a council meeting last week (October 16), Cllr Andy McGuinness asked Cllr Henry whether he is “confident” the money will be spent in time.
Responding, Cllr Henry said: “We’re on track. We’re one of the few towns in the country that are well on track to spending our £37.5 million.
“Speaking with colleagues from around the country… there are a lot of councils struggling to spend the money from the Towns Fund deal.
“I have made a gentle request … that if the government don’t want to take [money left unspent elsewhere] back into the Treasury, we would help them spend it in Stevenage.”
Cllr Henry added that Stevenage had not been “immune” to “challenges” facing the construction industry in recent years, including “unprecedented cost inflation”.
Only £2.1 million of Towns Fund money was spent in 2023/24 – despite initial plans to spend £10.65 million across the year. It compared to a £10.3 million spend in 2022/23.
Among the funding to be pushed back to 2024/25 was £4 million for Stevenage Enterprise Centre and £2 million for Stevenage Innovation & Technology Centre.
Towns Fund money has been spent on some projects already, including the Autolus science lab at Marshgate, the multi-storey car park at the railway station, and artworks in underpasses.
The council leader confirmed that a planning application for the new £45 million sports and leisure hub should be submitted “in the next few months”, with construction beginning next year.
The hub will be located on the site currently occupied by the swimming centre and the Bowes Lyon Youth Centre.
It will be part-funded with £10 million from the Towns Fund, and a further £35m from the council and other public sector money.
Cllr Henry also confirmed that work on the Forum redevelopment is “about to start” and said he hopes that residents will see “a real benefit to the people of Stevenage” as the regeneration progresses.
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