The funding will help deliver transformational schemes across the city centre, Bilston and Wednesfield.
The plans focus on 5 core themes: employment and skills; changing perceptions of the city; regeneration and renewal; connectivity (digital and transport); and vibrancy and footfall.
Schemes that will be part funded through the plan include improvements to Bilston market, improvements to Wednesfield market, High Street and canal area, supporting 5G delivery, Wolves at Work employment programme, exciting extension plans by the Grand Theatre for an Arts Park, city centre public realm works on Lichfield Street, events city development, Canalside residential development scheme - Brewers Yard, National Brownfield Institute, and the City Learning Quarter masterplan’s new technical centre at City of Wolverhampton College’s Wellington Road, Bilston campus.
The detailed plans will now be submitted to Government, with a view to a phased programme of works starting later this year.
Chair of the Wolverhampton Town Deal Board, Ninder Johal, said: “We had an excellent meeting on Friday where the Board agreed how to best make use of the £25 million funding we have been given to ensure it generates as many jobs, apprenticeships, learning opportunities and new homes as possible.
“The final plans will reshape all 3 areas – benefitting residents, businesses and visitors in the city centre, Bilston and Wednesfield.”
Leader of the Council, Councillor Ian Brookfield, added: “This funding is important to helping relight our city after the impact of the pandemic.
“It will support the development of the city centre and the 2 town centres and key partners from across the political and business spectrum have agreed this as the best way to spend the money following a vote.
“We will ensure none of the projects in our original bid get left behind and it is now our collective job to secure additional funding to deliver the projects the Board has identified to reshape the city centre, Bilston and Wednesfield.
“This contributes to the £4.4 billion of investment on site or planned across Wolverhampton, which is delivering jobs and homes for city residents.”
The Towns Fund was announced by the Secretary of State for Communities and Local Government in September 2019 when 100 places, including Wolverhampton, were invited to develop proposals for a multi million pound Town Deal.