Coventry is known as the phoenix city, a place that has constantly had to re-invent itself as its traditional industries have declined and been replaced by others. In the late middle ages Coventry was a centre for dyeing, Coventry Blue being something of a trademark.

Later the city became known for watch-making, and later still for machine tools and the car industry, many famous names being built in the town: Humber, Triumph, Alvis and Armstrong Siddeley being just a few. Of the major car manufacturing companies only two remain: Jaguar and Peugeot.

During World War Two the Luftwaffe devastated the city centre. After the war, there was a need to rebuild the city. Coventry took an innovative approach and was one of the first to remodel its city centre with pedestrianised precincts and modern-style buildings. Visitors came from all over the world to see how a city based on a Victorian street plan had been transformed into a 20th century city with modern amenities and open, welcoming public spaces.

Sadly the vision of the 1950s has not stood the test of time. What was once seen as visionary and exciting is now seen as dated and drab; Coventry has to transform itself again and has been opportunistic, taking advantage of development funds from various sources. This has begun to change the city. Now we are going to develop this much further with a long-term strategy for growth incorporating jobs, housing, retail and leisure facilities. We are determined not to accept second best. Coventry people deserve better and we aim to provide the best available, not merely what is financially expedient.

European cash has provided a huge boost to our drive to improve our city. The Museum of British Road Transport received £1.45m. It holds the largest display of British road transport in the world and its collections are designated as being of national importance. Despite this, it has always suffered from having a backstreet entrance and has not, therefore, been able to realise its full potential for the city, both as a visitor destination and in regeneration terms.

The ‘Landmark’ project being supported by the European Regional Development Fund (ERDF) will provide a sweeping new high-profile entrance and frontage that will, at long last, give the museum the market image that its collections and the city’s heritage in road transport so richly deserve. The grant will also support the complete re-interpretation of the collection, to provide more socially-based and interactive elements and raise the level of interest and participation.

The visitor market is anticipated to grow from this development from 140,000 per year to 250,000, generating some £5m for the local economy. The grant will also fund a range of infrastructure works to ensure the whole visitor experience is of the highest quality. At long last, the city will have a facility that is in keeping with the internationally renowned heritage that our citizens have created.

Then there is the Electric Wharf, which has received £1.8m, which will fund the refurbishment of redundant buildings (originally Coventry’s first power station), selective demolition and a new project to provide 7,146 square metres of offices, loft-style live/work units and on-site management office, as well as 18 ‘eco’ living/working units and six flats. A bridge is to be constructed over the adjoining Coventry Canal, together with a canal-side walkway to link Electric Wharf with the proposed Swanswell scheme and the nearby Canal Basin.

The aim is to create a focus for innovation in ICT; excellence in design through the use of art and design; improvement of linkage through the area, increasing walking and cycling trips, bringing communities together and improving access to jobs and sustainability through reusing existing buildings and recycling demolition materials. It will improve two hectares of land, create 327 jobs, and provide 4840 square metres of premises, assisting 98 businesses. Private sector leverage will total £11.5m as a result.

Previously we have had European funding for schemes such as the redevelopment of the Canal Basin, environmental improvements along the Coventry Canal, St Mary’s Guildhall, the Priory Gardens part of the Phoenix Initiative, improvements to Hertford Street, environmental enhancements along the Foleshill Road, the Coombe Abbey Visitor Centre, Tower Court, Foleshill Enterprise Park, the Spon Street development, some parts of the North-South Road, plus many improvements to signage and the pedestrianisation of the city centre.

These are the major capital projects in the city, but many more are being planned at the University of Warwick, and there are a number of revenue schemes backing small and medium-sized companies.