ARCHIVE The club has been working on a new stadium project for some time and as part of the recent takeover a services agreement was set up between the football club and Fleet Group Development ("FGD") in relation to this project. FGD was set up prior to the MyFC takeover as a subsidiary of the club to run and deliver the new stadium project.
FGD is providing consultancy services in the sourcing, planning, design and construction of the stadium. It is keeping the club updated on the status of the project and liaising with them on all the football-related aspects. To this end, a second presentation was made to EUFC and the MyFC Society Board on Wednesday 20 August.
The end objective under the
agreement is that the club is granted a right to use the New Stadium
on terms it deems acceptable. In the meantime, FGD needs to meet Key Performance
Indicators to demonstrate the project is heading in the direction the club
wishes and these are amended and updated annually.
As previously
reported, we have been in detailed talks with a development partner we believe
can enable us to meet our objectives. They have been carrying out due
diligence
on a site we have identified and working through a financial analysis
of the project. At the time of the last update our architects, DG3A, had drawn
up an outline design. This has since been followed up with more
detailed design drawings. The subsequent initial financial analysis has come up
with a figure that is too high, mainly because worst-case estimates for
remediation work have been used.
To get a more accurate financial analysis
we need to carry out bore hole testing on the site for which
permission of the landowner is required. We have been unable to get this so far
and are still working on it in conjunction with the developer and SEEDA.
This and the fact that the residential property market has hit a major slump
means this project is not as positive as we would wish. The overall
development needed to help finance the new stadium included a large element of
residential development.
We are still very focused on the site we have
identified and keen to work with the proposed development partner. On the other
hand, whilst we try to sort out the issues regarding remediation costs, we have
been looking at contingencies in case it does not go ahead. A series of
meetings have been held with Gravesham Borough Council planning officials and
members together with Kent County Council, local landowners and property
agents to see what other sites might be suitable and sustainable. We have
shortlisted three sites and are currently doing feasibility work on
them.
The next meeting is to be scheduled
for October.
| < Prev | Next > |
|---|