South Ayrshire Council are stepping in with an emergency cash injection to save the £7.8 million transformation of Maybole from collapse.
The town’s fairytale castle, town hall and Speaker’s Club are in line for work as part of the regeneration of the historic High Street.
But some vital funding was refused by the Scottish Government Regeneration Capital Grant Fund (RCGF), which has prompted council officials to find £314,000 from the Town Centre Fund so the scheme can go ahead.
The council’s leadership panel met on Tuesday to agree the extra council cash will be poured into Maybole.
A council report said it is “disappointed” the application to the RCGF was unsuccessful and warned if the funding gap is not closed the regeneration programme “could falter in its entirety.”
It said: “As a consequence of not securing the RCGF funding, there is a gap of £384,000 for project work which needs to progress in year one to satisfy the conditions of other funders.”
The shortfall was subsequently reduced to £314,000, and the council has reapplied to the RCGF.
The project has secured cash from the National Lottery Heritage Fund, Historic Environment Scotland, the council, building owners and other sources.
It will mean improvements to buildings, better footpaths, repair of stonework and the replacement of shop fronts. The castle and the town hall will be fixed up and used for new purposes.
Plans for a Maybole bypass will mean High Street will no longer bear the weight of heavy traffic.
Sarah Hilley - Local Democracy Reporting Service