AN EXTRA £1m of public funding is needed to help a key development in Wirral compensate for a dramatic fall in commercial property prices, according to a secret council report.
The Northwest Development Agency appears to have agreed to increase their grant towards the second phase of the Neptune scheme in New Brighton to compensate for effects of the recession.
Work on the development is expected to begin early next year and will see extensive improvements and a new supermarket.
There will also be a cinema, restaurants and bars and improved boating facilities at the marine lake, which itself will be dredged and improved.
It is hoped a hotel on the site will complement the conference centre at the Floral Pavilion theatre.
Last night development director for Neptune, Rob Mason, said: “We would like to thank the NWDA for their continued support and look forward to exceeding their expectations.
“Of course, they also contributed to the theatre and their ongoing commitment to New Brighton is greatly appreciated.”
The report by Deputy Chief Executive Jim Wilkie, which will be presented to Wirral Council’s ruling cabinet today, said the NWDA had put aside £2.75m for New Brighton phase two to bridge a “funding gap”.
