Lancashire County Council has offered £1m to help drive forward Hyndburn Borough Council's plans to redevelop Accrington town centre.
The financial support aims to add weight to a multi-million-pound bid being made to the government's Levelling Up Fund.
With funds secured from the government, the project would transform the Market Hall and other parts of the town centre. The overall aim is to create jobs and boost the local economy by establishing Accrington as a thriving and modern market town.
The funding from Lancashire County Council would come from its Levelling Up Investment Fund, which aims to speed up the development of existing and emerging major schemes.
County councillor Aidy Riggott, cabinet member for economic development and growth, said: "These are really exciting proposals that will improve Accrington Market Hall and help to increase footfall, as part of wider plans for the town centre. We're proud to be working with Hyndburn Council to deliver this plan which will show what levelling up looks like in action."
Coun Peter Britcliffe, portfolio holder for Levelling up and regeneration at Hyndburn Council, said: "I know I speak on behalf of residents when I say this is much needed and very welcome. This pledge for funding is a brilliant example of how county and district councils can work together for the benefit of the people.
"The plans for Accrington Town Centre are incredibly exciting and, if our Levelling Up bid is successful, we would see major transformation and regeneration - starting with Accrington Market and the Town Square. This is just the first step in raising pride in our largest town, future plans ensure every town in our borough will receive investment and recognition, making Hyndburn a place people want to visit, live, work and enjoy.”
The plans for the Market Hall are part of Hyndburn Borough Council's Accrington Town Centre Investment Plan.
The county council have also been working closely with Hyndburn on further proposals in the town centre, as part of the 'Accrington Acre' programme, through the county council's Lancashire Economic Recovery and Growth Programme.
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