There's a couple of errors in there. Firstly, HCC didn't offer him the site around the KC, they offered him the wasteland immediately next to the stadium, but not Walton St car park, as they refuse to move the fair, so the site offered is way too small. To get round this, they tried to get him to consider using the Costello site for the sport village, with the KC remaining as it is. Secondly, there is no income from the stadium at all, it actually costs the council, as they rent offices at the stadium and pay considerably more rent than they receive.
I was basing my figures on the scheme proposed by Allam. I think its fair to say Mr Allam has not taken too kindly to the advice the Councilors have subsequently given to him regarding possible alternatives. On the value of the stadium, all rental incomes have to be considered to determine its value. As I mentioned, I dont know all the facts, however does the rent not go to the SMC for the running of the facility? I am fairly sure that most of the rent is from HCC.
I think that he needs the stadium to use as collateral for loans to build the sports village.I don't think the council have said he can have the land anyway as it includes the fairground. I see on the karoo news site that the council have been in talks with the Iceland to use the area for olympic training, shame we have very little olympic training facilities.
That explains it. Mr Geraghty seemed to make out they offered Mr Allam all the land he wanted. This was obviously politician speak, or as I call it, bollocks.
