The announcement has been made that Loftus will receive £5.8million from the Future High Streets Fund.
Leader of Redcar & Cleveland Borough Council, Cllr Mary Lanigan said: “The £5.8 million of funding from Government is welcome news however we are disappointed that we weren't awarded the £8.5m that the Council and Loftus Regeneration Group asked for in our bid.
“It is important that we review our plans for Loftus now to ensure we turn our vision into a reality and transform Loftus into a modern market town providing facilities and attractions for residents and a memorable destination for our visitors.
“The Council has been busy this year laying the foundations for the transformation and a consultation on the proposals over the summer found that 87% of the people who responded supported the plans to rejuvenate the town.
“This funding alongside additional funding from the Tees Valley Combined Authority and the Council will provide a huge boost for the borough as we attract more people to visit and stay in the area, creating jobs for local people and helping our businesses thrive."
Cllr Wayne Davies, Cabinet Member for Economic Development at the Council, said: “We're thankful the Government has chosen to invest £5.8million in Loftus. Whilst it is fantastic news that Loftus is to receive this much-needed investment, it's not as much as we hoped for, and it is disappointing that the southern councils in the North East, particularly Teesside, appear to have been short-changed. We will continue to work with Government to maximize any additional funding which may be available in the future.
“With an additional £3million from Tees Valley Combined Authority, and £500,000 from the Council, this gives us more than £9million to put some of our proposals into motion. We will now take stock and work out how we can give Loftus the best value for the money on improving the town centre experience for its residents and visitors.
“There is a lot of positivity in the town and we received an overwhelming response from residents when we went out to consultation. We will continue to work closely with the community as we bring our plans into reality."