Over 70 people attended a meeting at St Michael's Church Hall on Tuesday to discuss proposals for a new town square to be built. The £750,000 scheme will be developed on the car park adjacent to St Michael's Church Hall and will be created using natural stone paving.
Anne Holdsworth, regeneration projects officer for Calderdale Council said: "The meeting was very well attended and we have received some positive feedback.
"There were even positive comments made about the redevelopment of the memorial garden.
"A number of older people were especially keen to remodel the area."
A decision is yet to be made about the redevelopment of the memorial statue.
The ambitious scheme, was put forward jointly by Calderdale Council, Royd Regeneration, St Michael's Church and Yorkshire Forward.
It will incorporate new seating, planting and art work. Views of the River Calder will be opened up and pedestrian access along the riverside improved.
The square will still to be used for parking, but it will also be closed to traffic during community events such as craft fairs and farmers' markets.
Alongside development of the square, St Michael's Parish Church will create a new business hub in the church hall.
The development is designed to support fledgling businesses and not for profit organisations in the area, by providing serviced office accommodation that can be rented.
Coun Christine Bampton-Smith, said: "The market place and business hub scheme will be very exciting and be a great asset to Mytholmroyd."
Last month Calderdale Cabinet agreed to invest £50,000 in the scheme with the rest of the funding coming from the church and Yorkshire Forward. The project forms part of the Upper Calder Valley Renaissance initiative.
Tenders are currently out for the development and building work is expected to commence in October and is due to be completed by spring 2009.