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Overambitious developer pays funds back to council

PUBLISHED: 15:48 09 December 2009 | UPDATED: 11:18 23 August 2010

THE council has repaid a five year debt and regained a valuable plot of land after a developer failed to meet its objectives. Gravesham Borough Council received compensation from Barratts housing developers, thought to be of more than £1 million, over f

THE council has repaid a five year debt and regained a valuable plot of land after a developer failed to meet its objectives.

Gravesham Borough Council received compensation from Barratts housing developers, thought to be of more than £1 million, over failure to make use of the former multi-storey car park in Lord Street, Gravesend.

Due to this, a debt of £313,520 taken from the council housing budget by the previous administration in 2004 to pay for project development at Lord Street and Parrock Street, has been repaid.

Council leader Mike Snelling said: "This represents what I've always considered was an historic debt of honour to our tenants.

"When I took over [the Lord Street site] it was boarded up, now it is a flattened area of land ready to be reused."

He explained that following negotiations with the developers, it became apparent that they could not meet the terms agreed when they took on the site and so Barratts agreed to hand it back along with compensation for the work and time lost.

He added that he could not divulge the full figure, but that it was a "substantial amount" that would be used for town regeneration projects including the

riverside pontoon.

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