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A long-awaited new shopping centre for Pontypridd, due to open this summer but delayed by funding difficulties, may soon be back on track according to the company behind the scheme.

Developers of the £6 million Taff Vale shopping precinct scheme - expected to be re-named the Riverside Centre - say they have been working to fill a "funding gap" by seeking new investment for the redevelopment at one of the main gateways to the valleys market town.

It's the latest hitch in long-running plans to redevelop the site to create a number of retail units, bar and restaurant on what is widely regarded as a "1960's eyesore." Demolition of the former shopping precinct and tax office which stood there finished last Autumn and the site has been surrounded by hoardings since then.

The private-sector scheme is part of a wider regeneration of Pontypridd, including a rolling programme of refurbishing paving, street furniture and other infrastructure which has been underway for around two years. A new Sainsbury's superstore is due to open on the outskirts of the town this week (July 4th) on the former Brown Lennox industrial site, and it's hoped this will also bring more people into the town centre - though some traders fear it will have the opposite effect.

This week's ´óÏó´«Ã½ Radio Wales 'Eye on Wales' programme visits Pontypridd and hears how traders are struggling in the economic climate.

Sian John, who runs Pepworth's Delicatessen, moved into Pontypridd indoor market after high rates, and the impact of the roadworks, drove her from her town centre shop - which is now occupied by a charity.

She tells the programme: "The roadworks went on for over 18 months...during this time, trade dropped dramatically. It caused a lot of problems for a lot of businesses. One of the main factors were our high rates. We had a rateable value of about £18,000, which meant we were paying between £800 and £900 per month. With our turnover dropping, we couldn't sustain it.

"Basically, in June last year we had to move the business up into the market, to save on our overheads."

A wide-ranging review of business rates in Wales, led by economist Professor Brian Morgan, has made a raft of recommendations which are currently being considered by business minister Edwina Hart. She has indicated she will respond after consulting with cabinet colleagues over the summer.

South Wales Central AM Eluned Parrott, shadow spokesperson for the Liberal Democrats on business and the economy, welcomed the publication of the report but called on the government to act promptly on it.

"This is urgent: people are going out of business today, they don't want to wait to see if they can survive the summer whilst the business minister thinks about the issues. We do need to see some action actually happening."

A spokesman for Taff Vale Limited, the company behind the plans for the former Taff Vale shopping precinct, told Eye on Wales that they had experienced difficulty securing full funding for the scheme in the current economic climate. Although they had an offer of funding from the Regeneration Investment Fund for Wales, this wasn't as much as they had bid for and left a funding gap they were seeking to fill.

However he said that, just this week, an offer of new investment money had come forward, which is now being considered.

Several national retailers have been linked to the new development, including Iceland, Wilkinson's and Poundland.

Property expert Chris Sutton, who was part of a Welsh Government task and finish group on reforming business rates, said the failure to realise redevelopment hopes for the Taff Vale site over 20 years or more, was disappointing.

"It's a major strategic site right on the town centre with great aspect out to the rear, looking across the park and the river," he said. "In some ways, what you'd like to see here is a major town centre office block bringing in footfall and bringing in workers here.

"Taff vale shopping centre has been the centre of redevelopment plans for probably over 20 years now, and it's a sad indictment that we've gone through the longest bull market in the property market, without the site coming forward.

"Really, something should have happened by now."