Barnet Press: " 'Mortgaging future’ claim over Brent Cross Cricklewood"

Link to Barnet Press

"A FRESH row has erupted over the Brent Cross Cricklewood Development, [added comment: home of Hammerson's Brent Cross Waste Incinerator, with its 140-metre chimney, approved by Barnet Council] as it emerged Barnet Council planners are considering using controversial new borrowing powers to bankroll the £4.5billion scheme.

"However, critics of the schemes have pointed out the risks of relying on the increase in business rates in the future, merely to accelerate spending on a project which should already have been financed fully.

David Howard, chairman of the 'Federation Of Residents Associations Of Barnet', said:

"Barnet is now proposing to mortgage future business rate income, to fund what the developers were supposed to provide. We will have to pay interest on the borrowed money, and our children and grandchildren will be paying for this folly, as well as suffering its effects."

"Visit www.brentcrosscoalition.blogspot.com to find out more."