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Town Status will bring substantial aid and support for the regeneration of Otley.

"To say that I warmly welcome the news that Otley is to receive market town funding is, to say the least, an understatement."

And Jonathan Rutter, president of Otley Chamber of Trade and Commerce, said: "This is great news and just the tonic Otley needed after the disruption caused by the foot and mouth outbreak. It is important now for all the town's representatives to work together to make maximum use of this money."

The money will come from the Government and with matched

funding from Europe and local

organisations.

Otley was one of 43 market towns announced this week to gain from the initiative - originally launched last year by Yorkshire Forward and the Countryside Agency - and the only one in West Yorkshire.

An announcement of the second round of selected market towns had been expected since the start of the year, but it was thought it would have to be delayed until after the General Election - now expected in June.

Pam Warhurst, Yorkshire Forward board member with responsibilities for rural interests and deputy chairman of the Countryside Agency, said: "The Market Towns initiative is

crucial to the reinvigoration of rural centres.

"It provides the opportunity for the towns to direct funding towards a strong and deliverable vision of the future, attracting and retaining

businesses and jobs, as well as re-establishing themselves as service providers to their surrounding areas."

And David Gluck, initiative manager for the Countryside Agency, added: "We are delighted that our success in piloting this scheme has now been adopted by the Government as reflected in this week's announcement.

"We have learnt a number of lessons since last August and our announcement of the latest six towns builds on that development."

l A meeting to discuss the award with the Countryside Agency and Yorkshire Forward is due to take place on Tuesday, May 8, at Otley Civic Centre.