Council selling things off to pay for a new hotel (1 Viewer)

Nick said:

REVEALED: Multi-million pound city taxpayer bailout for ’boutique’ hotel plan at ex-Coventry Evening Telegraph building

Looks like a report is saying things might not be viable because of the hotel so the council are selling things off to make the money to hand over to the developers.

A bit risky?

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They've done this before, anything for a property developer promising the world.

I don't actually have a problem with what they're doing here, sounds a sensible way to drive development.

What they selling off? I’ve got visions of binmen going for undisclosed fees to Solihull council!

fernandopartridge said:

I don't actually have a problem with what they're doing here, sounds a sensible way to drive development.

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Am I missing something here? Sounds like the council, and therefore the taxpayer, take all the risk and cover the costs but then if its a success the developer makes the profit.

chiefdave said:

Am I missing something here? Sounds like the council, and therefore the taxpayer, take all the risk and cover the costs but then if its a success the developer makes the profit.

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If it's a success the council benefits as well doesn't it? Much better to have a vibrant city centre than the backwater that area is currently.

Interesting looking at Far Gosford Developments Ltd on Companies House. They have already lent money from Birmingham City Council (this might be a proxy for the WMCA) and there is a charge over all of the property described here, I don't know how that fits with what CCC are doing.

fernandopartridge said:

They've done this before, anything for a property developer promising the world.

I don't actually have a problem with what they're doing here, sounds a sensible way to drive development.

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Play the game FP you were supposed to join the protest

Being serious for a moment all councils do this when the need arises. As FP says it’s to promote development of an otherwise derelict building/area. Value for money to the taxpayer doesn’t have to be measured in pound notes by law.

The director of the developing company is also a director of the City of Culture Trust, and was also involved the CV One company that managed (maybe still do) the city centre.

Rusty Trombone said:

The director of the developing company is also a director of the City of Culture Trust, and was also involved the CV One company that managed (maybe still do) the city centre.

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He's part of the Historic Coventry Trust (assuming this means Ian Harrabin). I know he's a bit of a bogeyman for some but I think he's done a lot of good work