A £300,000 fund to develop “shelf ready” regeneration projects in Caerphilly will be considered by the council’s cabinet next week.

The local authority is hoping to capitalise on the economic opportunities offered to the county borough by the Cardiff Capital Region City Deal.

But a cabinet report says the council currently has no fully-formed projects that could be considered for funding, either from the City Deal, or Welsh Government schemes like Valleys Taskforce and Targeted Regeneration Investment Fund.

It reads: “In order for the authority to develop ‘shelf ready’ projects, budgetary provision is required to provide officers with the ability to effectively plan projects and develop, design and cost schemes.

“This could include site investigations, surveys, design, economic impact assessments, estimating etc.”

The report also demonstrates the need for “clear strategic direction” on regeneration projects and for key projects that need further development to be identified.

The proposed six-figure development fund would be drawn from council reserves.

Cabinet members will discuss the proposal at a meeting on Wednesday April 11.