The Labour Group on Cornwall Council have today voted against plans to provide additional funds for the Pydar development in Truro.
The additional £10.000m of additional prudential borrowing for the Pydar Regeneration project, which was approved at Full Council today, will help deliver interventions for the development of the project at Pydar Street in Truro.
The project will bring 300 homes, a university centre, a hotel and restaurants to the city.
It is set to include 300 homes, space for 400 students, restaurants, nature trails, and hospitality and cultural facilities.
Falmouth University will be the anchor tenant at the Pydar redevelopment
There are also plans to create a hub for creative industries with Falmouth University, aiming to attract young businesses and students into Outline approval for the scheme was granted by Cornwall Council's strategic planning committee and demolition works have been partially completed.
The additional funds will cover the project costs over the next two years to allow for further design and re-phasing work before a full business case is presented
Papers that were approved by Cornwall Council’s Cabinet last week stated that the investment of around £6m in the project to date has made the project shovel ready and this could easily become abortive if the project does not progress.
The papers also stated that in addition, if the funds were not approved, there is a risk of losing market interest and a delay could impact active negotiations with new businesses to Truro including the university sector, hoteliers, workspace providers and leisure facilities.
Truro and Falmouth’s Member of Parliament Cherilyn Mackrory said:
“Labour in Cornwall have shown their true colours today, with their group on Cornwall Council voting on block against investment for Truro.”
“In particular it was disturbing to see the Labour Group Leader, who is also their potential Parliamentary Candidate for Truro and Falmouth vote against millions of pounds of investment for our city.”
Cllr Linda Taylor, Leader of Cornwall Council said:
“The Pydar Street project is a major one that is vital to regenerating the heart of Truro. As with many things, costs have increased since the plans were originally proposed in the last council, and it is only right that Cornwall Council increases its spending on this project in order to ensure its delivery.”
“Today’s vote was carried by councillors from several different political groups, but I was very disappointed to see the Labour group completely vote against it.”
“Regardless, the vote was carried and I look forward to seeing Pydar come together as the eventual crown jewel of a regenerated Truro, regardless of what the Labour Group on Cornwall Council think about it!”
