1.67 The UDP is required to have regard to the resources likely to be available. It is therefore based on a realistic assessment of economic demand, and of the public and private sector resources likely to be available to meet it, although precise estimates cannot be made to the year 2001.
1.68 The UDP recognises the constraints on Council finances through its main spending programmes, although it will seek to progress its aims and objectives as far as possible within these constraints. In addition, the following urban regeneration initiatives are taken account of:
- City Challenge - £37.5 million between 1992 and1997
- Merseyside Development Corporation programmes
- Urban Programme allocations (Single Regeneration Budget from 1995)
- Urban Partnership allocations
- Additional support for Housing Investment and Estate Action
- Derelict Land Grant - approximately £5 million
- Transport Supplementary Grant - approximately £18 million
- Objective One status (EU - from January 1994)
- Urban Regeneration Agency (English Partnerships)
- Forthcoming National Environment Agency
1.69 Urban regeneration cannot succeed without substantial levels of private sector investment. The purpose of the above funding regimes, together with the Council's main spending programmes, is to provide infrastructure and environmental improvements in the priority areas, in order to attract private investment to revitalise the areas suffering the worst economic, environmental and social conditions. Partnership with the private sector and the local communities is therefore a key ingredient.