A new way to finance a key part of the Wrexham Gateway project – which includes building a new kop stand at the Racecourse football ground – is being proposed to the Council’s Executive Board subject to completion of legal and commercial agreements.
Wrexham Council, Wrexham AFC and other partners have been working on alternative finance plans after a bid for Levelling Up money was unsuccessful earlier this year.
The new proposals will help ensure funding can be drawn from a variety of sources from both the public and private sectors – approximately 50% from each – and pave the way for future funding bids to support the scheme.
What is the Wrexham Gateway project?
The Wrexham Gateway aims to regenerate key sites and transport infrastructure around Mold Road – a key corridor into the city.
It includes improvements to rail, bus and car travel connectivity, new hotel and conference facilities, office space, and improvements to the Racecourse stadium that will allow international football to return to North Wales.
The project is split into two key areas – the ‘eastern side’ and the ‘western side.’
- Info -
The new finance proposals will help fund the western side, including the Racecourse Ground and new kop to return international football to the stadium and deliver regional and national events. On the eastern side the partnership is progressing with detailed design and consultation for implementing the overall masterplan.
How will Wrexham benefit?
Councillor Mark Pritchard, Leader of Wrexham Council, said: “The Wrexham Gateway is a massive project that will transform one of the main corridors into the city.
“It’s ambitious, but we need to be ambitious if we want to fulfil our potential as Wales’ newest city, and as the home of Welsh football.
“A key element is the development of the new kop. The incredible things happening at the club are propelling Wrexham onto a global stage, and football is bringing communities together, boosting local pride and helping to attract visitors and investment.
“So helping to secure finance to develop the Racecourse – so it can once again host international fixtures – is hugely important for Wrexham, and the benefits will be felt far beyond the football pitch.”
How will the new funding package work?
The new proposals aim to guarantee a balance from a variety of funding sources.
If approved, a substantial amount of the £25 million grant given to the council by Welsh Government will be reallocated from the eastern side to the western side.
The Council will in turn apply for external funds and guarantee a minimum of £8m being available for the east side scheme.
Delivery of the Wrexham Gateway – both west and east sides – is critical for Wrexham. The overall scheme is estimated to create 732 new jobs, and have a gross value added impact of £54.1m and result in £3 of public benefit for every £1 invested.
The west side scheme is estimated to increase visitors to Wrexham by nearly 60,000 per year and increase spend retained in the local area by £3m.
Will the new proposals be adopted?
A report will go before the council’s Executive Board on Tuesday, April 18, where members will be asked to approve the approach.
This approach is fully supported by all Wrexham Gateway partners including Welsh Government, Wrexham AFC, Transport for Wales and Wrexham Glyndwr University.
