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Law firm calls on councils to help release commercial funding

Development funding sources could be released by moving rather than closing popular local authority-run or supported facilities such as libraries or theatres, allowing businesses to access the money that banks say is there but which appears to be unavailable, according to the law firm Berg.
Ian Barker, partner and head of real estate at Berg, points out that although it will never be easy to extracting funding from 'super-cautious sources', money is there and local town halls are crucial to tipping the balance.

Mr Barker said: 'Developers, their advisers, even the public, should be doing everything they can to persuade their local authority to commit to putting something public sector-based in developments which have stalled, because anything with a government covenant is fundable, and once the Government has committed, then funding for neighbouring commercial development is a great deal easier to get.'

He continued: 'Better still, moving rather than closing such a facility may actually release funding resource, maintain and improve that facility, and open up funding possibilities for the commercial sector involved in same-location development.'

'Equally, town halls should be encouraging suggestions from local people, businesses and professional advisers relating to developments that could be kick-started by bringing in local authority or fundable projects.'

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9 July 2013


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