Torbay gets £1.4m from Coastal Communities Fund
- 11 February 2013
- From the section Devon
Torbay is getting more than £1.4m to help revive its struggling economy.
The money is among four handouts from the government's Coastal Communities Fund for seaside areas.
Other beneficiaries include South Hams District Council, which will receive £450,347. Lynton and Barnstaple Railway Trust will get £150,000, while Plymouth City Council will receive £670,400.
In Torbay, which has the highest unemployment rate in Devon, the money is expected to create 350 jobs.
The Coastal Communities Fund was created in 2012 with money from the Crown Estates marine assets.
The Crown Estate, which owns the rights to the sites of fish farms, renewable energy developments, ports and marinas, earns about £7bn a year which is paid to the Treasury.
Torbay's share, which followed a bid by Torbay Development Agency, will support the development of start-up businesses, social enterprises and an apprenticeship scheme and a new cycle route around Cockington.
Plymouth also hopes to build more cycle lanes, linking the Barbican, the Hoe and the Royal William Yard.