There has been a certain amount of misunderstanding recently, in your letters pages, about what Croydon Council's proposed Urban Regeneration Vehicle (URV) might mean for the town.

Publicly-owned assets are not being sold off as some suggest. Instead, through a 50-50 partnership with an investor, our intention is to maximise the potential of what is currently pretty low value property. This will spark a new chapter of town centre regeneration, bring improved civic amenities, and generate much better value for residents and taxpayers.

To further address the misapprehension expressed in Mrs Hunter's letter last week (Letters, April 25) I can advise that Fairfield Halls is not included in our current proposal.

However, there is widespread acceptance that Fairfield desperately needs modernisation. The council and the venue's board are committed to securing Fairfield's long term cultural offering. Some time in the future the URV may offer a credible alternative to the flawed plans the previous administration failed to deliver.

There is absolutely nothing in the regeneration proposals to suggest ticket prices might change. Nor is there any suggestion that Fairfield's parking will be removed. We are simply putting forward ideas for possible reprovision of the car park within a wider scheme that would offer a more user-friendly facility. This could also enhance pedestrian access in the direction of East Croydon and may additionally support cultural events on the Gateway site - thereby addressing another of Mrs Hunter's worries.

I share concerns for green space in our town. We need more and I expect the outcome of Will Alsop's studies will underline this requirement. However, College Green is not a particularly attractive open space and is used by relatively few people. Our ambition, through the regeneration proposals, is to have bigger and better green space where it's most wanted. That doesn't mean the Gateway site in Dingwall Road; it should be closer and more accessible to the central area.

We have embarked on this regeneration initiative to get a better deal for the tax-payer and more value from public assets in which the council will continue to maintain a controlling stake. It's an imaginative, but realistic, way of achieving lasting benefits for Croydon.

Cabinet member for finance and regeneration
Croydon Council