THE future of the near half billion pound Northgate Development in Chester was raised at a meeting of the full city council.
With world stock markets remaining in turmoil, Hoole All Saints Cllr Ted Longman (Lib Dem) reminded development portfolio holder Cllr Stuart Parker (Con, Christleton) that the compulsory purchase orders necessary for the scheme to go ahead “are time limited and will run out in under 12 months”.
“Bearing this in mind, what is the final date that the agreements with ING can go unconditional to make it certain that the scheme will go ahead?” he asked.
In a brief reply, Cllr Parker said: “We estimate we will have to meet unconditionality with ING by July 2009.”.
In response to a further question from Cllr Longman, Cllr Parker insisted he had kept councillors informed as to where the negotiations were up to and he would let them know if these changed.
Financial problems in Iceland have spread to the owners of House of Fraser which is due to build the key anchor store in the development.