At next week’s Cabinet Meeting, Cabinet Members will discuss proposals to invest a further £2M in Taff Vale to support the next phase of redevelopment works.
Subject to Cabinet and then subsequently Full Council approval, the £2M additional funding has been made available thanks to the release of £7.5M as a result of a decision made earlier in the year to amend the Council’s Minimum Revenue Provision Policy and is in addition to the £1.5M the Council has already invested in Taff Vale.
Councillor Andrew Morgan, Leader of Rhondda Cynon Taf Council, said:
“The prudent approach we have taken to manage our budgets in the face of significant financial challenges in recent years is now supporting investment in key strategic areas across the county borough.
“Since its closure, the failed attempts by the private sectorto redevelop the Taff Vale site have been a consistent source of frustration for the Council, as well as business owners and residents in and around the Pontypridd area, but I feel sure that people can now see real progress being made following Council investment.
“Should Cabinet and then Full Council approve this additional funding, the Council will have committed over £3.5M into the redevelopment of the site which, when completed, will deliver significant economic benefits to the county borough by transforming the commercial offer in Pontypridd, supporting job creation across the County, increasing footfall in the town and contributing to the economic growth of the City region.”
The Council recently approved plans, based on expert commercial advice received, for an ambition and forward thinking scheme which creates a three-building, office-led development, including food and drink uses at the ground floor.
Councillor Robert Bevan, Cabinet Member for Economic Regeneration, Tourism and Planning, added:
“The release of an extra £2M to support the redevelopment of Taff Vale, should it be agreed by Cabinet, is further good news for this key project and demonstrates the good progress which has been made since the Cabinet made the decision to purchase the leasehold of the site last year.
“Cabinet have unanimously supported the ambitious proposals for the redevelopment of the site with work expected to start in 2017 and completed in 2019.
“The benefits of this project, both during the construction phase and once completed, will be significant and will provide a real economic boost to the county borough.”
Pontypridd is a key strategic area, within the Cardiff City Region. It is a pivotal place in the heart of the region, in close proximity to the A470 and M4 and the main valleys rail network.
Linking surrounding communities to Pontypridd will be further strengthened by the South Wales Metro and Valley Lines Electrification Project which place it as a key regional centre and network hub, and build on significant recent investment such as the modernisation of Pontypridd railway station and associated platform reopening to increase capacity and improve line speed.
Rhondda Cynon Taf Council, in collaboration with the nine other unitary authorities in the Cardiff Capital Region (CCR), UK and Welsh Governments, and business, is delivering the £1.22billion CCR City Deal – a progamme of investment and initiatives including the delivery of an integrated South Wales Metro transport system. For more information visit www.cardiffcapitalregioncitydeal.gov.uk or follow the City Deal on twitter @ccrcitydeal.