Feed The Rich Award
Goes to...
English Cities Fund
Ladies and gentlemen, for those who don't already know, the English Cities Fund, or ECf, is a partnership between financial warthog Legal and General, Muse Developments and the Government's Homes England, with cheerleading from Salford City Council.
The ECf has outstayed its welcome in Salford, building way unaffordable properties like Carpino Place and Timekeeper Square along Chapel Street and New Bailey, and has had millions of pounds in public subsidies en route. Yet not one affordable property has been built.
The latest development is being branded Atelier Homes, promising "167 luxury 1, 2 and 3 bedroom apartments and 11 luxury 3 bedroom townhouses..." on Chapel Street, and ECf has had more subsidies for this development courtesy of a shady and secretive Development Trust Account (DTA) set up by Salford City Council and ECf at the start of its dealings a good few years ago.
Normally when a developer comes into Salford it would have to pay Section 106 monies for things like infrastructure, affordable housing, public realm etc but under this deal, the monies were paid into a separate Development Trust Account which is operated "through a steering group comprising the City Council and the applicant"...ie ECf itself.
The ECf basically takes money from profit-making sites to 'cross subsidise' what it calls 'non-viable' sites. In other words, to boost its own profits, set at 15%. After the cross subsidisation, the Council has stated, the fund pays for public realm and, lastly, affordable housing. However, not a penny has been put forward for affordable housing, as far as the Salford Star knows.
In August, Salford Council approved £1,176,819 from the Government's Housing Infrastructure Fund (Marginal Viability Fund) for infrastructure works around the Atelier Homes site, while in June, the Council approved, in secret of course, a £6,437,848 "cross-subsidy from the Development Trust Account (DTA)" for Atelier Homes.
If this wasn't all bad enough, there's a nasty little sting in the tale as the Council is currently trying to evict Mo and his Shalimar convenience store which has stood next to the posh housing site for over 35 years...
"Obviously they don't want it next to their posh apartments" Mo told the Salford Star in June, as he vowed to fight the eviction.
So ladies and gentlemen, sing 'It's clinking clanking sound makes the Salford world go around' and earn a zillion pounds to buy an ECf property, while raising a bottle of Wkd for the winner of the 2019 Salford Star Mary Burns Feed The Rich Award...
English Cities Fund!
If someone from the ECF would like to make an acceptance speech please use the comments box below...
See other winners of the 2019 Salford Star Mary Burns Awards...
The Rome Wasn't Built In Two Decades Award Salford City Council click here
Uncle Joe Stalin Award for Open and Democratic Government - Salford City Council - click here
Wizard of Oz Scarecrow Award Hazel Blears click here
Uncle Joe Stalin Award for Open and Democratic Government Part 2 Salford City Council click here
Local Government Scandal of the Decade Award Salford City Council click here
U-turn of the Year Award Salford City Council click here
'We Might Be Bulldozing Swinton But We're Not Telling You' Award Salford City Council click here
Fat Cats of the Year Award Salford City Council and GMCA click here