Harlow Council has agreed to allocate £5m into a planned new £50m Town Centre Investment Fund which will help drive forward the regeneration of Harlow Town Centre.
The proposed fund, which would buy property in the town centre to attract and support local businesses and jobs, is so far made up of contributions from Harlow Council and Essex County Council. Both have agreed in principle to contribute £5m each to the Fund and a range of organisations are looking at investing too.
The proposed fund will help deliver a successful and sustainable Harlow Town Centre that offers a strong mix of shops, leisure, high quality residential and employment space, with a thriving evening economy and cultural offer.
Councillor Tony Durcan, portfolio holder for growth and prosperity, said:
“Tonight’s decision by Harlow’s Cabinet is a significant step forward for investing in our town centre and making it a place we can all be proud of and a place which meets the needs and wants of local residents and visitors to the town. There is still agreement to come from other potential investors, but we are a step closer in creating a ground-breaking partnership to regenerate Harlow Town Centre which will attract other investment and opportunity.
“Council staff and Cabinet members have worked closely with Essex County Council and potential investors over the past 18 months, exploring opportunities to increase private sector development and unlock key town centre sites to secure the growth and regeneration required in Harlow Town Centre.
“Investment of this size and commitment on this scale along with partnership work is designed to attract further investment as has been the case with the hugely successful Harlow Council led Enterprise Zone development at London Road. The proposed fund is not something, which has just happened, it has been a long time in the planning and it now becomes an extremely important vehicle in helping to secure the town’s and the town centre’s recovery from the pandemic.”