Good spot Droopy!

The above excerpt is massive - effectively putting YC on notice that WMDC will no longer allow them to duck around the obligation by submitting separate applications; and requiring them to sign up to a properly enforceable s106 agreement - exactly as Mr Box outlined some months ago.

What's less encouraging, is the funding formula - at that rate, the site could be filled with smaller developments, and there never be enough in the pot to build anything like what was promised.

Not any more!

I was thinking the same, whilst it is a step in the right direction, the amount of payable is a drop in the ocean.

On the other hand, this particular planning app is for a relatively small unit. I would like to know how much £££ the Newcold development would have generated using the funding formula!

I can't work out what Newcold would have contributed, because I can't recall the square footage, but my rough workings out suggest that if Mr Eaglestone's formula were applied to the whole site, it would yield £19.6 million - so as piffling as this small development is, it does look like the formula has been created in such a way as to properly fund the originally proposed stadium and facilities in full.

I won't get too excited though - it will be years before that happens, if at all.

Seen the letter Droopy and are on with it.

It a load of cobblers. Firstly they can’t even get the formula right. Using their formula we would get £545m, think that is unlikely and even if they don’t spot it think Yorkcourt will.

Using their approach is unlikely to produce the funding required in my lifetime and I know I’m an old sod but not that old.

We will be issuing an addendum to the objections in due course.

Another way to think about it...how much would a re-development of Belle Vue cost?

How are you working that out SC - one of us is doing our sums wrong, and it's very likely to be me!

I work it out the same as Sandal Cat! Sssshh, dont tell anyone!

C = (T/F) * S

C = 171,000/6,000 * £19m

C = £541.5m

The formula should be

C = (F/T) * S

C = 6,000/171,000 * £19m

C = £0.67m

If you put Newcold back in C = £5m

We will be many, many years to get the £19m and without Newcold probably never.

Then I defer - it was a very simplistic back of the fag packet kind of approach in an attempt to look clever; I'm big enough to admit it, rather than going back and editing out my duncery!

Cheers - my numbers were as much cobblers as the Council, but the main point stands - it will take years of piece-meal contributions to get anywhere near, and they would still have the option of hovering around the final trigger without actually hitting it, effectively withholding the stadium forever.

Bastards.

In fact, this method could be even worse. Assuming they correct the formula, if/when they hit the previous maximum (60 000?) They'd only have to stump up £6.7m rather than finishing the whole stadium?

I'm not a developer and I admit to having absolutely no idea how much YC can expect to make out of various developments on the site but surely the simple adjustment to the formula is to make it dependent not on filling the entire site but on the previously agreed trigger point.

C=(F/Tr) *S
Where:
C = The amount of the contribution
Tr = Agreed trigger point approved under 10/00225/OUT (60,000m2)
F = Floor Area Proposed under application 18/01169/FUL (6,000m2)
S = Approximate Build costs for the Community Stadium Approved under 10/00225/OUT (C. £19,000,000)

So this particular build would contribute
C= (6000/60000) * £19M = £1.9M

If Yorkcourt agree to this formula and sign a legally binding contract, S106 or whatever then is that enough for the Council to borrow the money in advance using the future contributions from the development to underwrite it???

This would make the funding for the stadium almost instant and would bring a close to the whole sordid affair for everyone.

It would also incentivise the Council to get out and attract new developments to the Newmarket site, new stadium, new business attracted to Wakefield, more business rates paid, X-number of jobs created = Win Win situation for all

It's a nice idea - and Council's can borrow money very cheaply - but can you see them doing so for WT? Because I really can't.

Didn’t they offer or agree to do something similar about 18 months ago

Were the council not looking at funding the £12 million redevelopment of Belle Vue upfront?

Was that part of the "we'll build a ground anyway" scheme ?, that was just more utter nonsense from our beloved local authority.

They do not have to borrow, council could use money from the capital account.

Same difference - in these straightened times, with LA's under pressure in all sorts of areas, and their undoubted antipathy towards the club and the project, I can't see them doing it; but hey, the wrist-slap for YC was a pleasant surprise, so you never know - I may be wrong!

I think it was an offer from Michael Carter to pay the interest and the council get the money back from the developer to pay off the capital. A free loan in terms of the public purse.

That's how I remember it too. Despite the fact that IF WMDC had fully backed the NM scheme / re-vamped BV (freeing up additional land at NM) and it not actually costing WMDC a penny (just relying on them to ensure that NM went ahead as agreed, I'm not sure that it went down well within Box's inner circle.

Good idea Fordy but we need to add back in the Newcold development which we believe should have contributed to the trigger so :

C = 46,000/60,000 * £19m = [u£14.56m[/u

Only an approximate figure but we are nearly there.

Ill be tuning into the council cabinet meeting today at 10:30 to see if Box has anything to say about the issue, if he does ill post it on here.

Quote ="Droopy"Ill be tuning into the council cabinet meeting today at 10:30 to see if Box has anything to say about the issue, if he does ill post it on here.'" For anybody interested www.wakefield.gov.uk/councillors ... r-meetings Doubt it's on the agenda though

Quote ="Droopy"Ill be tuning into the council cabinet meeting today at 10:30 to see if Box has anything to say about the issue, if he does ill post it on here.'" For anybody interested www.wakefield.gov.uk/councillors ... r-meetings Doubt it's on the agenda though