In 2002, the council and the Welsh government established an urban regeneration company called Newport Unlimited.

To achieve the aim of economic regeneration, a number of joint ventures have been carried out by the company.

These include the development of Old Town Dock and the renting out of Alacrity House.

As a result, £2.3m has been generated for Newport City Council.

The council’s cabinet will now ask for a protocol to be approved whereby it will be allowed to spend the money in the city with the Welsh government’s approval.

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It has been recommended that all the funding should be used for economic regeneration activities within Newport.

“Spending this money in Newport would support the aims of the act by building a more prosperous and resilient city with sustainable and cohesive communities by creating and maintaining jobs, prevent further decline in key areas and improving the physical environment,” the council stated.

In line with the Well-being and Future Generations (Wales) Act, public bodies such as the council have to ensure that decisions that are made should take into account the impact on residents.