Economic Woes Threat To Local Pool
| Published: 30th September 2008 13:38 |
Yet further evidence of the widespread impact of the credit crunch was seen this week, when more fears were raised over how Basildon Council would raise funding to building the £30m Olympic Sporting Village.
"slumping land values and increased borrowing costs"
Latest reports suggest that pressure is increasing on the council due to the value of land earmarked for sale slumping in value, while the cost of borrowing in respect of the venture is growing. These latest factors, it was said, has led to the council considering selling the swimming pool at Lake Meadows in order to boost finances.
A Basildon District Council spokesman however, was quick to deny the rumours, stating that no plans for a sale existed, before adding that "The Lake Meadows swimming pool is currently leased out and if they want to change the lease we would have to be notified."
Council leader Malcolm Buckley has indicated that any borrowing would be sourced through a local government scheme known as "Prudential Borrowing", while adding that although the total cost to the council would be around £15m, not all of this would be borrowed.
Despite the council leaders words, many fear the current climate increases the likelihood of green spaces across the district being sold off to developers to raise council funds.
