£22.9 million of Government funding for Peterborough growth projects like the Cygnet river bridge, a climbing venue, a green technology centre and cultural hub, will be spent on deadline, civic leaders have been reassured.

The so-called Towns Fund cash was set aside for Peterborough five years ago under the previous Conservative government’s Levelling Up agenda.

A deadline of March 2028 was set for the cash to be spent with the money shared out by members of the Peterborough Towns Fund board between eight projects that are seen as making a difference to the city’s economy and community health and wellbeing.

Now members of the Towns Fund board have been reassured that after years of work to bring the projects to life, none of the £22.9 million will be lost to the city.

Spending of Government funds for projects such as the Lakeside Activity Centre is Peterborough is set to deadline set by ministers

placeholder image — Spending of Government funds for projects such as the Lakeside Activity Centre is Peterborough is set to deadline set by ministers

Adrian Chapman, the executive director for place and economy at Peterborough City Council, told the board: “We remain confident that we can achieve the full spend by the required date set by government for all of the programme.”

He also told members there were ‘no issues or risks’ around deliverability of the projects, according to the recently-released minutes of the last board meeting in July.

He also said that as all the Towns Fund projects were close to being delivered the board might soon be brought to an end.

Projects progress:

The Vine community and cultural centre: An estimated £9 million has been allocated to this project.

It has beena challenge but is expected to completed by October 2027.

It was originally planed to be housed in the former TK Maxx store in Bridge Street, which the council bought for £4 million using Towns Fund monies.

But repairing the building was found to be too expensive and the building was sold for a £2 million loss.

Now The Vine community and cultural centre is to be split across three venues in the city.

These will be the Central Library, which is about to undergo a refurbishment; Peterscourt in City Road, which will be revamped next year; and the Victorian Goods Shed at Fletton Quays,which will deliver the food and beverage element of the Vine concept.

Cygnet Bridge: £2 million has been allocated. Work has already begun on the cable stay suspension bridge over the River Nene and is due to open in spring 2027.

Lincoln Road: £2.5 million was allocated. Major improvements to this area of Peterborough have been completed.

Lakeside Activity Centre: About £4 million has been allocated to this project, including just over £1 million following a funds reallocation after the sale of the TK Maxx building. A planning application has just been submitted to Peterborough City Council for a climbing and bouldering centre at Nene Park.

Station Quarter (City Link) £1.5 million has been allocated. Work is underway at Queensgate roundabout and should be completed next year.

Centre of Green Technology £2 million was allocated plus a further £1,244,819.70 was added after the TK Maxx sale. The centre is at Peterborough College and is completed.