BURNLEY'S historic Weavers' Triangle is set for a £4million windfall which will secure its long-term future.
The council has been successful in its bid to apply for lottery funding which would help regenerate one of the oldest collections of industrial buildings in the UK.
Burnley Council leader, Coun Stuart Caddy, today hailed the decision saying it would help spearhead further investment in the area.
He said: "I think it is wonderful news and I fully support the bid.
"The redevelopment of the Weavers' Triangle is really key, and is one of the major schemes for the town.
"If approved, the money will act as a catalyst for further public and private sector finance to guide future development and regeneration that will have a lasting and significant impact on the future of the borough."
Under its townscape heritage initiative scheme, which aims to conserve and regenerate historic urban areas, the Heritage Lottery Fund has offered the council the chance to bid for £1.95million.
Over the next year the HLF will give officials £25,000 to draw up detailed plans for the site, including a masterplan.
The blueprint will form the basis for the final bid for funding.
If successful, the cash will be matched from a variety of sources, and used by planning bosses to pay for essential repairs and refurbishment of the 19th century buildings, starting in 2007.
Proposals could include grants for owners to repair their buildings, reinstate lost architectural details, and bring derelict or under-used floor space back into use.
Other schemes earmarked for the site include 24 homes at Thorneybank Mill, Nelson Square, by Wilmslow-based Amberfell Estates; and a vast transformation of the area by Rossendale-based Hurstwood Group which could see restaurants, bars, offices and houses built.
Erika Eden-Porter, council principal planner, said many of the Triangle's buildings were in need of repair.
She added: "The funding will be used to help repair and restore these historic buildings, whilst bringing them up to a useable standard for this and future generations."
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