Bolton £1bn plan: More jobs and homes due to be created
- Published
An artist's impression of Crompton Place - one of the five areas due to be transformed
A £1bn plan to redevelop Bolton town centre could create 7,400 jobs and 1,800 homes, according to its council.
Five areas are due to be transformed by 2030 as the authority hopes to attract more families, young professionals and older people.
The council has approved borrowing £100m, with the remainder expected to come from the private sector.
The authority's leader Cliff Morris said the "necessary pace... will simply not be achieved" without council funds.
Bolton Council will borrow £100m over 50 years
"It is no secret that town centres across the country continue to face tough challenges," he added.
"We are also realistic that the plan may need to change and adapt over the years to reflect changing economic conditions.
"What we do know is that without the council's direct intervention, there is a risk that the necessary pace and scale of change that is required will simply not be achieved."
The areas due to be transformed are Trinity Quarter, Cheadle Square, Crompton Place, Church Wharf and Croal Valley.
Joe Carr, who helps run a local business, welcomed the plans, saying: "I think that just getting people to live in Bolton and more independent shops - something that people want to travel to - would be fantastic."
Five areas of Bolton are due to be transformed by 2030
Some local shoppers told BBC Radio Manchester they thought the town centre "needs more improvement", with one describing it as "grotty" and another calling it an "eyesore".
Chris Fletcher, from the Greater Manchester Chamber of Commerce, said: "For a number of years the town has undergone a number of changes and smaller individual projects that have felt a bit stop-start."
He added that the plans "give the town a strategic focus and a definite way ahead".
The council said it would borrow £100m over a 50-year period and there would be no cost cuts made to fund the redevelopment.
Instead, it plans to repay the loan with dividends from their shares in Manchester Airport and the Yorkshire Purchasing Company.
The masterplan will be proposed at a council meeting on Monday.