On this type of development there’s broadly 3 sources of funds: 1. Developer; 2. Bank; 3. Council. Each deal is unique but on this size the structure is pretty normal and I’ve seen it in practice many times. Why is the risk “huge” here? Do you feel insufficient due diligence?
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Als antwoord op @jonnycope
Insufficient due dilgence and the financial standing of the developer.
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Als antwoord op @CllrAnnMarieB
Commitment is secured against the development itself. So worst case is developer goes bust and Council steps in/gets new developer to finish. Risk of losing money seems fairly low to me. Isn’t your real reason to oppose that you think it’s just too much housing?
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Als antwoord op @jonnycope
The cross-party Overview & Scrutiny paper is about the process around the Council's involvement in the football club development. That is what the article I retweeted was about and what led to your point on the £250 million loan. 11 storey blocks of flats is overdevelopment.
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Als antwoord op @CllrAnnMarieB
Yes but I can’t see any evidence that the loan is especially risky. It just seems you’re throwing as much at this to see what sticks. How many units would you accept on the site? Half?
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Als antwoord op @jonnycope
Residents have suggested that developments at a similar level to Willow Reach which is opposite the ground would be more acceptable.
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Als antwoord op @CllrAnnMarieB
How many units are in Willow Reach. Can’t imagine it’s more than 200ish (could be wrong, I’ve never been into it). How does that make the stadium economically viable?
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Als antwoord op @jonnycope
Clearly it would be many fewer units but we were discussing acceptable density not viability. The viability of the whole scheme is questionable. The developers have added more affordable properties & a medical centre to a project that already had tight margins.
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Als antwoord op @CllrAnnMarieB
But at 200ish units this just isn’t viable so it’s game over. Which is what you want, and that’s a fine legitimate point of view. If you succeed, the housing
#Woking needs will have to go elsewhere and the club gets no new stadium. Be honest and argue that.2 antwoorden 0 retweets 1 vind-ik-leuk -
Als antwoord op @jonnycope
You may not be aware that when the Local Plan was out for consultation the site around the football club was listed for less than 100 properties. This plan came in for huge density high rise development against local policy. Residents were never consulted unlike at other sites.
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Very aware, Local Plan was required reading before I ran for council. That was without the stadium. This plan does allow us to get closer to housing target and lessen requirements elsewhere. Doesn’t mean it should go through but surely a plus?
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