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Property price headache for council
Saturday 11th April 2009, 2:10PM BST.
The plunging price of property is causing a £25 million financial headache for Telford & Wrekin Council’s flagship proposals to boost borough towns and help the new railfreight terminal.
Officers are carrying out urgent investigations to find alternative ways of funding the schemes.
And last month’s collapse of Wrekin Construction, the main contractor for the £9 million terminal at Donnington, has not helped matters.
The warnings are delivered by head of finance Paul Clifford in a report to cabinet on April 20.
The Conservative leadership had hoped to finance the terminal and regeneration of towns like Wellington, Dawley and Newport by selling off unwanted property, but the bottom has fallen out of the market.
Mr Clifford says: “The key area of concern is the combined £25 million dependency of the railfreight and borough towns initiative programmes on property disposal in an environment of falling prices and reducing economic activity.”
Meanwhile, £30,000 has been allocated to finish off the railfreight terminal.
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