PEEL HOLDINGS, NORTH WEST DEVELOPMENT AGENCY and SALFORD CITY COUNCIL
This MARY is given in recognition of the extraordinary relationship between Peel Holdings and the North West Regional Development Agency (NWDA).
As readers of the `He Ain't Heavy He's My Brother' Award Part 1 will know, there's been a lot of to-ing and fro-ing between the £multi-billion private developer Peel Holdings, and the NWDA with its huge public funds. The former Deputy Chairman of Peel Holdings, Robert Hough, is now Chairman of NWDA.
In Part 2 of this Award the pair are joined by Salford City Council, as they all get in bed together to work on the much maligned new stadium for Salford City Reds at Barton.
Peel Holdings took over the development of the stadium after the former company, Red City Developments went into administration in 2008. After various options to get the stadium built fell apart, Peel, which owns 30 acres of the proposed site in Barton, is now in the process of establishing a Joint Venture Company (JVC) with Salford City Council to sort it out. With a little help from NWDA.
According to the Record of Decision from Salford Council's Cabinet in December, the JVC is going to get a business case together "and then deliver the appropriate funding streams via the NWDA and Prudential Borrowing to support the delivery of a sports stadium at Barton".
Following a leaked report, the Manchester Evening News revealed that "NWDA has said it can provide £3m for preparation and infrastructure work. This work could cost up to £10m but Steve Broomhead, chief executive of NWDA, has given `assurances' that further funding could be available".
The MEN also reported that Salford Council is planning to borrow £20million to build the stadium "but taxpayers will pick up the bill for interest paid on the loan".
So, Salford Council is borrowing £20million, and NWDA has promised huge grants, to build a stadium in partnership with the private company, Peel Holdings, which has assets valued at over £4.5billion! And is currently talking about its £50billion Ocean Gateway concept. The poor loves must need every penny from NWDA and Salford tax payers that they get can…
Ladies and Gentlemen. Empty your pockets out for the winners of the `HE AIN'T HEAVY HE'S MY BROTHER' AWARD Part 2
PEEL HOLDINGS, NORTH WEST DEVELOPMENT AGENCY and SALFORD CITY COUNCIL
Applause…
If anyone from these organisations would like to make a speech please fill in the Comments box below
Update here 21st January 2010
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