An economic growth aimed at boosting the North Wales economy could also reinvigorate Rhyl’s Queen’s Market development.

Denbighshire councillors were given a presentation on the North Wales Growth Bid during Thursday’s partnerships scrutiny meeting.

The scheme is a collaboration between all six North Wales local authorities, Bangor and Glyndwr universities, Coleg Llandrillo and Coleg Cambria aimed at generating more than £2bn of economic benefit for the region by 2036.

It will also try to secure more than £1bn of investment in the same period,

The scheme will cover five major project areas which will be developed between 2021 and 2026.

They are:

A £41.7m digital programme – which will push 5G across the region, connect campuses and connect rural areas with poor digital communications: £37m Growth Deal (WAG and UK Government) investment; £1.6m private sector; £3.1m public sector (partners)

A £668.5m low carbon energy programme – which aims to make North Wales a centre for low carbon energy innovation, generation and supply chain investment: £86.4m Growth Deal investment; £441.7m private sector; £140.4m public sector

A £40m investment into innovation in high value manufacturing – which hopes to invest in a centre for environmental biotechnology and an enterprise engineering and optics centre: Growth Deal £13m investment; private sector £26.5m

A £335.4m land and property programme – which aims stimulate investment in sites like Holyhead Port and Trawsfynydd, as well as enabling other projects to get the right land and infrastructure: £79.1m Growth Deal investment; £274.4m private sector; £1.9m public sector

A £41.3m agri-food and tourism programme – with which it hopes to strengthen the base economies of the region and create more jobs: £24.5m Growth Deal investment; £4.4m private sector; £12.4m public sector.

The programmes could help major housing schemes in Bodelwyddan and at the former North Wales Hospital site in Denbigh.

However a presentation of the scheme by director for economy Graham Boase said the Growth Deal also had the potential to breathe new life into projects such as Queen’s Buildings in Rhyl.

Costs have already spiralled by more than half of the original £7.4m projected price tag and taxpayers had to stump up an extra £1.5m in September to keep it going, leaving a deficit of £2.8m just to finish the first phase.

Yet Denbighshire council leader, Cllr Hugh Evans, said the Growth Deal was about retaining young people in North Wales.

He added: “We are expecting, not hoping for expecting, 3,400-4,000 jobs to be created.

“It’s about retaining our young people, creating confidence and investment and competing with other areas of the UK. It’s about creating quality jobs and a more skilled workforce.”

It will cost Denbighshire council between £154,000 and £180,000 annually for 15 years to be part of the scheme, which will start in 2021.

Payments will consist of £90,000 per annum in fixed charges, plus between £64,000 and £90,670 to cover interest payments for borrowing against the projects.

Backed up by £120m each from Welsh and UK Governments the idea, brainchild of the North Wales Economic Ambition Board, hopes to attract an extra £700m from private sector partners.

The scheme will be administered by Gwynedd county council and once locked in all partners will be committed to the 15 year term.

In Denbighshire council’s case that would mean a maximum contribution of £2.7m overall, which could only be increased if officers went back to council to seek approval.

However anyone wanting to get out of the scheme would be hit with a “big bill” after serving 12 months’ notice, according to the authority’s head of legal services Gary Williams.

The reason was to stop “frivolous partners” from leaving the scheme once their pet projects had been completed.

He added: “To protect the stability of the agreements and protect the partners they are very strict rules.”

Scrutiny committee members endorsed the governance agreement for Phase 2 of the project which will now go before cabinet for approval.

When that is done the final agreement with Welsh and UK Governments, and other partners in the deal, will then be signed.