Council set to free up £400,000 a year by developing new stadium
0Allerdale Borough Council is set to develop a new stadium as an investor developer, rather than borrowing £25m to fund the development.
The council’s executive will meet on Friday to consider the business case for the proposal, which would see it create a stand alone management company to develop the facility in Workington.
In January, the council submitted a planning application for an 8,000 capacity stadium, plus 2,600m² floorspace for the NHS, alongside 2,700m² of offices.
A report to councillors says that the investor developer option means that it “would not need to borrow the £6m already in the medium term financial plan and therefore, make a revenue saving of £400,000 per year from 2021/22 which would be available to fund the fit out required in year one.”
