The chairman of a company set up to breathe new life into the run-down city pledged today: "There will be no second best for Bradford."

Yorkshire Forward boss Graham Hall, pictured, said after the company's first board meeting, which lasted two hours: "We are going to aim high and we believe Bradford has tremendous opportunities."

And today, less than 24 hours after the first meeting of the Urban Regeneration Company - set up to try to attract new investment and development in the city - its decisions were already being acted upon.

Bradford Council Chief Executive Ian Stewart, who is also the URC's company secretary, was sending out briefings to top international consultants who want to prepare a city-centre masterplan.

Adverts were being drawn up for a £100,000-plus chief executive, with a job description drawn up by the board.

A schedule of future board meetings and their work agendas has been set, enabling the company to get running and ready to tackle the massive task ahead of it.

A permanent chairman will be selected in the New Year. But Mr Hall, 59, who began his career as an apprentice electrician with Yorkshire Electricity and rose to become its Chief Executive, warned the city's revival would not happen overnight.

Mr Hall, a non-executive director with the Court of the Bank of England, said: "We are probably talking about something like ten years. They are a great bunch of board members who are really committed to Bradford and the URC.

"I am really excited about what can happen. We want a cohesive and coherent strategy plan for the city centre for the first time. We will put it on a new footing and focus on the physical regeneration of the city.

"We aim to attract at least £160 million of public and private investment and create thousands of jobs. We first of all want a quality masterplan which is acceptable to every key stakeholder in the city."

He said every move, strategy and investment would be in line with the plan, which would underpin the city's success.

"The inaugural meeting has given me great confidence we can make a difference to the benefit of everyone in the district,2 he said.

"In a regional perspective Bradford has under-punched and can do a lot better.

"Bradford should not be subservient to Leeds. It would be difficult to be equal to Leeds. But there is no reason why it cannot do a lot more than it has been doing.

"We are aiming high in the brief for the masterplan which has gone out to consultants today who are interested."

Mr Hall said the closing date for tenders was December 6 and a winner would be chosen shortly afterwards.

He added the chief executive would be paid more than £100,000 because of the size of the job, saying: "It is a big job in a big city and we want a quality person."

The current shadow board would become the full board about the time of the appointment of the chief executive.

Mr Hall said the top officer would have only 12 staff, in a "lean but fit" set-up with running costs in the thousands rather than millions.