In a letter to the mayor, the Government confirmed that although the bid had met the gateway criteria, the assessment concluded that the business case didn’t meet the minimum thresholds.Coun Abrahams said: “It is very disappointing to learn that Mansfield has been unsuccessful, we felt that we had a strong case for investment.
"I had hoped that the Government’s levelling up campaign truly meant that disadvantaged areas such as Mansfield would be helped to recover from years of under investment.
“However, residents and businesses should remain confident for the future.
" We are hopeful for a successful outcome of our Town’s Fund application for economic regeneration of the district to support the levelling up of the area and we are in the process of developing a town centre masterplan.
"We are determined that we will see investment in the area even if the Government has not supported us.”
Last month, ARBA confirmed three popular business chains would join the hotel development at Stockwell Gate North and £1 million has also been secured to create pocket parks in the town.
Coun Abrahams continued: “The ARBA development demonstrates confidence from the private sector.
"It is important that we soldier on, be innovative and continue to plan for a vibrant future for Mansfield district.”