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City Hall Desk
£20 million has been allocated by Mayor Boris Johnson in a major "regeneration to transform Tottenham and Croydon", two of the worst affected areas in the recent riots, following a £20m funding boost. The £20m Government funding announced today brings the total of the Mayor's fund to regenerate London's businesses hit by the riots to £70m.
The ‘London Enterprise Fund’ will be invested by the Mayor to specifically focus on the regeneration of Tottenham and Croydon, which had already been identified as regeneration priorities by Boris Johnson before they were appallingly damaged during the disturbances.
The Mayor and his team will work closely with local people, local businesses and the local Councils to identify the best ways to invest the Government's money to maximise the regeneration impact in these two town centres. The funding is designed to provide swift improvements so allocation of money could include investment in transport infrastructure, buying up and rebuilding affected properties and funding business rate relief as well as supporting employment.
This additional money follows the launch last week of the Mayor's £50 million regeneration fund for London to help make major long term improvements to the capital’s town centres and high streets that have been damaged. The Mayor’s regeneration fund aims to build on the momentum created as repair and rebuilding work begins and will ensure the affected areas are not only restored but are also returned as places that are better than before to live, work and invest in.
Both the Mayor and the Government's regeneration funds are in addition to the Mayor's existing £50 million Outer London Fund, designed to grow economic activity and drive employment in parts of London that are benefitting less directly from major infrastructure improvements like Crossrail and the 2012 Games.
The Mayor Boris Johnson said:
"We will rebuild and repair every part of our city that has been damaged and help London's businesses get back on their feet. For the most badly affected areas, Tottenham and Croydon, it is vital we also use the opportunity to deliver long term improvements and create new jobs and skills that will benefit these communities for generations to come. With this support from Government, we can not only restore these town centres but create better, more prosperous places to live, work and invest in."
Communities and Local Government Secretary Eric Pickles said:
“Just as we want the whole of the country to share in the benefits of economic growth so too do we want the whole of the capital to be thriving. London is a success story but it is a story that reads very differently depending on which borough you are in. This immediate investment will breath new life into both Tottenham and Croydon and enable them to get to grips with the unique challenges they face but also move swiftly and quickly to maximise their potential for economic success.”
The Mayor and the Communities Secretary visited Tottenham today to unveil this support package.
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