Cherwell District Council’s priorities for regenerating Banbury, in particular the canalside area, have been outlined in a new document to be consulted when making investments.
The council’s executive agreed to the ‘Banbury strategic investment vision’, which says financial and social values should be considered when spending funds, at a meeting yesterday (Monday, October 1).
Lead member for finance Cllr Tony Ilott said it is not a ‘shortcut’ for getting past planning restrictions and each investment will still considered thoroughly.
“With our purchase and redevelopment, we can shape and improve the prosperity of the town for generations to come,” he said.
Councillors worked together to develop the document and decide on the priorities, including partnering with other organisations and making sure investments are affordable.
Cllr Ilott said the document would ‘allow officers to work quicker and smarter’.
The district council is hoping to redevelop the area between Cherwell Street and the train station, known as canalside, having taken on the expansion of Castle Quay Shopping Centre and regeneration of Crown House and Antelope Garage.
Cllr Sean Woodcock, leader of the council’s Labour group, said: “We’re glad that the Cherwell Tories have finally realised the value of public sector investment in Banbury.
“For years they have let the market run riot, when strong and prosperous communities benefit from councils being involved in creating a sense of place.
“We will support all positive interventions to reinvigorate our town centre, where the economic case as well as that of regeneration, makes sense.”