At last night’s Isle of Wight Executive meeting, members approved a proposal to give South Coast Leisure (SCL) an option to purchase redundant strips of council land by St George’s Park for £350,000.
Thanks to Cllr Geoff Lumley for sharing the news (no media attended the meeting) who also added that a further valuation from the District Valuer was presented, putting the value of the land at £370k (papers for the meeting had stated previous valuations at £441,450).
The agreed price to sell the land should SCL take up the option in the next five years will be £350,000.
£20m windfall for the council?
Concerns had been raised that if SCL had taken the council’s planning decision on the ASDA application to judicial review, the chances of the Council receiving the £20,000,000 (expected figure after associated costs) in Section 106 money from ASDA would been reduced.
Cllr Geoff Lumley (Lab) and his fellow party members Cllr Alan Hollands will present their motion at tonight’s full council meeting calling on the council to spend the money more imaginatively that to simply invest it.
Image: © Tax Brackets