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Council cash unblocks stalled Derriford project
The Herald
|May 27, 2023
£1M BORROWED TO CLOSE FUNDING GAP HOLDING UP DISTRICT CENTRE DEVELOPMENT
WORK is to start imminently on the much-anticipated £19m Derriford District Centre following an investment deal to close a funding gap.
Plymouth City Council leader Tudor Evans has signed a decision to spend £1 million of borrowed cash which will unblock a project hit by rising construction costs, with an aim for it to be built by the end of next year.
The council is already funding the development to the tune of £18.9m after costs leaped from the £17.86m allocated in 2021. The latest decision allocates an additional £1,036,196 into the capital programme for the project, funded by borrowing.
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