A – The fact is that 19 houses cannot deliver the same value as the previously proposed 100 houses. However the 19 houses that are now proposed are higher in value and can provide the equivalent of around 35% of what was anticipated from 100 units.
We have therefore looked at additional ways to “plug” some of the shortfall.
This has been achieved in part by 2 additional income sources.
Firstly the land value generated from the hotel site is now being used to help fund the Sports facilities.
Secondly – We have introduced a “Debenture Membership” which must be purchased by anyone purchasing one of the 19 homes on site. This is a one off payment which can only be recovered when the property is sold and the “Debenture Membership is then taken on by the new owner. The Debenture Memberships will effectively be an interest free loan to the CIC (Operating Company).
The remaining shortfall will need to be funded from equity investment from the Park of Keir Partners and Funding from Sporting Bodies and Corporate Sponsorships.