Multi-million-pound taxpayer bail out for Friargate developers

[rebbonk]

So you are quite an intellegent man then.

Not particularly Melisandre, at least not in my opinion.

[Melisandre]

Your likely to be more inteligent than most younger ones nowadays Rebbonk hence why we get into so much trouble now .

[dutchman]

Millions of pounds of Coventry taxpayers' cash will pay off the debts of Friargate developer



Plans to use millions of pounds of Coventry taxpayers' cash to pay off the debts of the developer which owns the Friargate site have been unanimously approved.

Coventry City Council will pay millions of pounds to the Irish government to clear the debt of Cannon Kirk, the founders of Friargate LLP, to enable the £100million scheme to progress and deliver the 25 new buildings, including 14 Grade A office blocks, housing and a hotel planned for the site near the rail station.

Senior Coventry councillors have told the Telegraph that the debt prevented the development moving forward in recent years - with the land acting as loan security.

Now the council is set to enter a 50/50 joint venture with the Irish landowners in a move that will see the council agree to clear the developer’s debt with an Irish government agency by issuing a loan of its own.

The new company will replace Friargate LLP and council officials insist the cost of the venture will pay for itself, and turn a profit, over the next 20 to 30 years - pointing towards a predicted uplift in business rates of £20million a year.

The move was unanimously approved at a full council meeting last week.

Shouldn't they have checked the status of the loan before approving the development in the first place?

[Melisandre]

Dont be silly Dutchman these people have never been taught common sense. As for our council reading the other day even in ww2 the people of Coventry were complaining how Coventry City council had neglected them during the blitz so not much changes there does it it will be our pockets which will be worse off not theirs considering we have to pay for this yet in 20 to 30 years we will likely be dead and not see any benefit thats if there is any.