Marina funding to come under scrutiny
WEST Norfolk Council's cabinet scrutiny committee is to look at the escalating costs of the Lynn marina project tomorrow.
The committee will look at the benefits of the decision to allow extra financing for the costly development.
The cost of the scheme – to create a 250-berth marina in Lynn – has rocketed to between 20 million and 35 million and needs investment of 5.2 million in the next 18 months to move it forward, a report to West Norfolk’s cabinet had said.
As explained in the Lynn News last Tuesday, the council’s cabinet agreed to the investment – which still has to be agreed by full council – and formation of a special group to progress the project.
If the project never happens, the report said that up to 2.7 million could be lost.
But earlier this year it was estimated that the marina, destined for Boal Quay, has the potential to boost the district’s economy by 13 million a year and create up to 300 jobs.
Nick Daubney, council leader and portfolio holder for resources, has been invited to Wednesday’s meeting along with service accountant Dale Gagen and deputy chief executive, head of finance and resources Dave Thomason.
The committee wants to look at the details, namely costs and cash flows which the project might generate over both 2007/08 and 2008/09.
Cabinet scrutiny committee chairman David Collis said: “This is a particularly important matter and it involves a tremendous amount of expenditure and a large proportion of the council’s budget.
There were substantial costs involved in carrying out preliminary exercises he said, adding: “There is a duty upon us to look carefully at it.”
Many have criticised the marina plans.
Friars Community Group secretary Jeremy Dearling has condemned them, adding the group considers them currently “unacceptable”.
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Weather for King's Lynn
Sunday 27 May 2012
Today
Sunny
Temperature: 10 C to 25 C
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Temperature: 10 C to 23 C
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