The fund will allow residents and local organisations to bid for money for local projects, such as improvement to transport links and new facilities.

The council is currently appraising its properties and land holdings.

It is hoped that money for the fund can be raised by putting some of these assets on the market.

Councillor Fraser Raynolds, portfolio holder for environment, said: "This is an important step which will enable us to realise our vision to promote flourishing communities.

"It should mean all residents can experience the benefits of regeneration.

"We should also be able to tackle one off larger projects, which will be of service to the whole community."