Roads have been improved to attract businesses to industrial sites
Only six of 15 schemes pledged five years ago to bring new jobs and businesses to Cornwall have been completed on time.
The Camborne, Pool and Redruth Urban Regeneration Company (CPR) was created with European money.
Schemes not started yet include Trevue Road in Camborne which should have had a mixed housing and working development in 2007.
The CPR said that its priorities had changed to other successful projects.
The CPR is one of 19 bodies around the UK aiming to regenerate local economies with money from Europe.
Town centre improvements in Camborne are complete, but work on new houses at Tuckingmill, which should have been completed, has not started.
The CPR points to a number of new ideas which include a redesign of the tortuous main roads through Camborne and Redruth.
A £5m junction redesign is under way, a £4m stretch of new road linking to industrial sites is complete and the CPR is also taking on a new role in training which was not originally envisaged.
CPR chief executive Nigel Tipple said: "We've got some really strong performance.
"We've delivered some 17,000 square metres of industrial floor space and we've got some good quality public realm.
"Indeed, Redruth last year won a public sector town centre improvement award."
George Le Hunt of Camborne Chamber of Commerce, said: "It was a very slow start.
"There were a lot of promises and talk and time and money wasted but for the last couple of years it has been for focused and we are starting to see things happen."