The town center redevelopment is already underway, Just takes them a long ass time to do anything here. All the "blue fenced" area is first on the list, The old Vauxhall site will probably start getting built on by the end of 2014. It is a lot less to do with "Nobody wanting to build" and more to do with ridiculous rules and paperwork which makes everything move at snails pace. There is a group on facebook that I forget the name of but it has links to every proposed and current building project underway in Luton, It is quite extensive.
As for the council .. Jobs, Regeneration? Sure thing but lets take our time zzzzz.. lets have meetings and more meetings zzzzz to make it look like we are doing something zzzzzzz. The same everywhere I would guess.