Bail-out bank will put £9m into Park
A BANK which received a multi-billion-pound bail-out from taxpayers at the height of the economic collapse is now part of a deal which will see millions invested in a Northamptonshire housing estate.
The Government poured 20 billion into the Royal Bank of Scotland to prop up the stricken bank at the height of the financial crisis.
And now, it has been revealed RBS, in which the Government has a 70 per cent stake, is part of a development deal which will see 9.4 million invested in Grange Park.
The cash will go towards providing facilities such as indoor and outdoor sports areas, community buildings and public art alongside a major new housing and office development.
The funding deal has been put together by the West Northamptonshire Development Corporation (WNDC), which was set up by the Government to push forward the expansion of the area.
The WNDC’s newly appointed chief executive, Peter Mawson, said: “This is the largest agreement we’ve signed so far under an initiative which is designed to increase developer contributions and bring more infrastructure investment to West Northamptonshire.
“We’re delighted to have secured this agreement and look forward to a significant, high quality and mixed use development coming forward.”
The full development will see 450 new houses, a number of offices and a hotel built on a 24-acre piece of land in Grange Park which was once earmarked for an Ikea store.
As owners of the site, RBS will fund the 9.4 million investment deal for the area alongside developers Northants Developments Ltd.
The deal is part of the WNDC’s ‘roof tax’ scheme which sees developers asked to contribute more than 20,000 towards community facilities for each new house they build.
Russell Legg, who is managing director of house builders Devirgo Ltd, who will develop the site for Northants Developments Ltd, said: “We’re delighted to have reached an agreement that will allow us to get on with this exciting development and which also contributes to a bright future for West Northants.”
It has been estimated the development will create almost 600 new jobs and work is expected to start on site in the new year.
The scheme was backed by the WNDC in May last year despite opposition from existing Grange Park residents, who said they would rather see ‘industrial sheds’ built on the land.
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