THE Moat Lane project in Towcester has taken a big step forward after stage one of the scheme was tentatively given £2.5million funding.
South Northants Council applied to the West Northamptonshire Development Corporation (WNDC) for funding for the first phase of the project, which will include converting a former mill and associated buildings into a hotel, restaurant, cafe and bar an
d restoring Bury Mount, the site of a Norman motte and bailey castle.
Other phases would include a small amount of housing, specialist retail space, a civic building, offices, and a riverside walk.
At a meeting of the WNDC board at the Saracen's Head in Towcester on Tuesday, members agreed to fund the first phase of the project, but the money will only be released once the board receives a report on market demands for a hotel and details of a partnership between SNC, Northants County Council and the WNDC, which is being formed to oversee the scheme.
In a presentation, Paul Quinn, regeneration manager for the WNDC, said the project was designed to provide Towcester with economic, social and community facilities to support housing growth proposed for the town and to encourage tourism.
He added the project would also include around £4million in investment from the private sector, and could create 110 new jobs, but would also require support from English Heritage for the Bury Mount part of the project.
Talking to the Advertiser after the meeting, Mr Quinn said: "This has been a scheme which has been two years in development.
"Predating the WNDC, the district council and local partners have been driving the project and we are almost at a point where, with WNDC input, we can push forward on it."
The board is expected to receive the feasability report in time for its meeting next month.
