Assets will be sold to pay for Armada Way

COUNCIL BORROWING IN THE MEANTIME

- WILLIAM TELFORD

PLYMOUTH City Council will have to borrow nearly £10m and sell off millions of pounds of assets to pay for the regeneration of Armada Way.

Documents which will be presented to the council’s cabinet say further borrowing could have to take place until unnamed assets are sold.

On Monday, September 9, cabinet members will be asked to approve spending of £29,892,665 on the ambitious yet controversial, scheme.

The documents show that almost a third of the cost - £9,238,401 - will come from corporate borrowing. Another 29% will be paid from the sale of “surplus property”.

The council has “ring-fenced” assets which it is selling, estimated to be worth about £12,750,000, of which £8,716,449 will be used to pay construction costs on the Armada Way scheme. The council said: “The details of the specific assets being disposed of is commercially sensitive information, until such time that the disposals are completed.”