The heart of town has been transformed under the scheme, which has overhauled the precinct around the historic abbey and seen improvements carried out to Gowthorpe.

The £5 million project has also created a new park by the side of the river along Ousegate, with both elements of the renaissance programme due to be officially opened on Saturday.

Senior Selby District Council members claim the project is vital to attracting new enterprise not just to the town, but to the wider area and countering the effects of the recession.

Authority leader Coun Mark Crane said: "The Abbey precinct scheme has made a huge difference to the centre of Selby, with the area in front of the town's main attraction opened up and access made easier.

"The aim has been to bring long-term benefits by making Selby into a destination for residents and visitors alike, bringing in new business and supporting traders across the town."

The project has been instigated under the Renaissance Market Towns initiative, the ten-year plan aimed at using rural towns as economic development 'hubs' to regenerate the wider communities.

SDC economy board chairman Coun David Fagan said: "This is the first stage to making Selby a better place to live and work.

"Clearly there has been some disruption while the work was carried out, but I'm sure the long-term benefits will be worth it. The scheme is about finding a successful role for Selby.

"Obviously, we cannot compete directly with Leeds and York as they're both major cities. But Selby has an exciting future, and the re-development will hopefully attract more visitors and business not just to the town, but the whole district as well."

The scheme has itself been hit by the effects of the economic downturn, although Coun Fagan stressed the re-development has been delivered on time and on budget. A new contractor had to be appointed for the £750,000 Linear Park development after a construction firm went into administration in March.