Representatives from both organisations met last week to discuss plans on how best to continue the town’s development projects.

The proposed wind down will include the transfer of functions and projects from IBRC to the council during the transition period, along with the delivery of a legacy business plan that will seek to transform the Irvine Bay area.

IBRC is the largest by area of the urban regeneration organisations established in the 2000s to counter market failure and social deprivation. It covers five towns and 14 miles of the Ayrshire coastline.

It is hoped the transition period will allow sufficient time to complete existing projects and dispose of assets in line with charity and funding regulations in order to realise funds to support the delivery of the legacy business plan.

IBRC will continue to be funded and supported by the council for the next three years to ensure the plan delivers significant transformation for the area during the wind-down phase, including the continued promotion of i3 — Irvine’s Enterprise Area, delivery of the several major town centre public realm projects, and the implementation of a number of community legacy initiatives.

Councillor Marie Burns said: “Irvine Bay Regeneration Company has achieved great success since it was established in 2006 and that’s reflected in the number of jobs they’ve created and all the businesses and community groups they’ve supported over the years.

“Their commitment to environmental improvements, investing in the economy and backing life-science industries means communities will have a lasting legacy of their diverse and innovative work.

“But the new focus within the Scottish Government’s regeneration strategy — away from ring-fenced funding towards community-led regeneration — has prompted a new approach and the council is now in a really strong position to progress these changes in the delivery of regeneration.”

She added: “We have a great relationship with the team at Irvine Bay and have learned a lot from the work they’ve done. We hope to support them over the next three years and then take on the baton for regeneration.”

Patrick Wiggins, chief executive of IBRC, added: “The commitment of funding till March 2017 by North Ayrshire Council means that we will be able to deliver an ambitious business plan during our managed wind down, before handing on to the council. As Councillor Burns says, we will then be well placed to pass on the baton for economic regeneration fully to the council, who will be in a good position to take things on and build on the work carried out to date.

“As part of the plan, the council will purchase some key assets which should help deliver their economic development and regeneration strategy in the years ahead.

“In the meantime, it will be business as usual for the team at Irvine Bay, delivering key projects identified in the transition business plan to ensure we leave behind a positive legacy.”