Deputy prime minister John Prescott visited Corby, the rundown former steel town in Northamptonshire, this week to launch an urban regeneration initiative.
Key projects to be carried out by the new Corby Urban Regeneration Company include a town-centre masterplan, a science park, housing and a mixed-use development at Priors Hall that could take up to 20 years to complete.
The Corby URC is the first of 12 regeneration companies to be set up following the publication of the urban white paper last November. It follows three pilot URCs: Liverpool Vision, New East Manchester and Sheffield.
The Corby company is a partnership between Corby council, Northamptonshire Chamber of Commerce, East Midlands Development Agency and English Partnerships.
Baroness Angela Bellingham, a former MEP for the area, will chair the company board.
Corby URC intends to create better housing and employment opportunities, to attract investment and to improve amenities.
Council leader John Murray, speaking at the launch of the scheme, said: "This puts Corby on the map as a place to work, a place to live and a place with a real future."
