'Series of hotels' to be built at Ricoh Arena (2 Viewers)

[The Gentleman]

Maybe the old dears who will be thrown out of the closing care homes because of the cuts can go and stop in the new hotel?

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Now now, in the same way that everything is not Sisu's fault. Lets not level everything bad at the Council either. They have been given a shit hand by Central Government and can only deal with the cards they have been given and we are not the only Council who are having to make drastic cuts.

 

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[No future with SISU]

No it's not, Tesco built the Ricoh effectively, they even submitted the plans for the thing.

Where did you get the idea Tesco built the Ricoh from.If you buy land and then the former owners go and build some thing with the money it is not you building it.

 

[torchomatic]

Now now, in the same way that everything is not Sisu's fault. Lets not level everything bad at the Council either. They have been given a shit hand by Central Government and can only deal with the cards they have been given and we are not the only Council who are having to make drastic cuts.

I know. I was only messin'.

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[No future with SISU]

Totally agree. It should be the Council or property developers who build hotels, not a football club.

Brentfords development is huge and been done by the clubs owners.

 

[No future with SISU]

No it's not, Tesco built the Ricoh effectively, they even submitted the plans for the thing.

Did they submitt the plans to coventry council, if you say they did there will still be a record of it, show it to us or stop saying things that are not true.

 

[Grendel]

NEW hotels could be built at the Ricoh Arena, the Observer can reveal.

The surprise plans are expected to be put back on the table by the city council today (Tuesday).


The move was branded a game-changer by council finance chief Coun Damian Gannon, who is aiming to generate business rates and create jobs in the north of the city.

Read more: 'Series of hotels' to be built at Ricoh Arena | Coventry Observer
​

Anyone hear Gannon's stellar performance on Midlands Today tonight?

 

[No future with SISU]

Actually you have a point. New Jersey and Holbrooks are very similar. Perhaps they are looking at a Dubai style of construction. What do you think?

Have you been to New Jersey, I wonder if you have ever been to Holbrooks

 

[Grendel]

Have you been to New Jersey, I wonder if you have ever been to Holbrooks

I have not been to New Jersey no. Been to Dubai though and I have to say I could just see one of the hotels on Car Park C.

Not happening now though. £19 million of council cuts - by 2025 there will be no bin collections, no libraries and no one to repair the roads.

 

[No future with SISU]

Both sides wanted to buy out ACL's loan with the bank-then the Council opted to borrow an extra £7m and do it all themselves, seemingly without SISU's knowledge. You then have the rejection of a CVA which dished out another points deduction and no cash settlement for the council.

These two aspects of the council's business need explaining. I am not for a minute saying 'poor old SISU'-they are the ones who manipulated the administration process to their advantage and they are the ones who have caused more damage to the club, but the people at CCC have to be clear on the above two actions, especially the former.

The hedge fund got the council to agree to the ACL loan. The council then got advice from experts who said bad idea and the council changed their mind. The sales people at the hedge fund were up set as they were not going to make a lot of money out of the council.So they took the club to northampton as revenge

 

[covmark]

I have not been to New Jersey no. Been to Dubai though and I have to say I could just see one of the hotels on Car Park C.

Not happening now though. £19 million of council cuts - by 2025 there will be no bin collections, no libraries and no one to repair the roads.

What?? Someone actually repairs our roads?? Facts only please.

 

[Grendel]

What?? Someone actually repairs our roads?? Facts only please.

Councillor Gannon on Midlands Today tonight regarding huge budget cuts -- Tories have demanded all capital building projects be scrapped.

 

[georgehudson]

nah, sorry Grendel, can't be arsed,
you have about as much substance in your diatribes as,
a 1 legged man in an arse kicking contest

 

[No future with SISU]

Are you insane??

They did put in £14million through a loan.

What did ACL do with the £21m loan they got from the Yorkshire bank?

 

[The Gentleman]

I know. I was only messin'.

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What no smiley, winky, wanky face, how was I supposed to know!

 

[No future with SISU]

Councillor Gannon on Midlands Today tonight regarding huge budget cuts -- Tories have demanded all capital building projects be scrapped.

Is that the local tory council people who refused to invest in the NEC in the early 70S

 

[James Smith]

This years accounts will tell us nothing regarding ACL's future.

I don't recall saying they would?

You've been away for a while James. Have you been preparing the media piece around them?

No my phone was having issues and then t-mobile mucked up my data package so I had no internet whilst it was being sorted. Nice of you to notice though.

 

[No future with SISU]

Apologies - they've allowed the demolition and the site to remain an eyesore, suppose they have limited power mind. It seems to happen a lot in Coventry.

Not that the empty tax office was anything to look at.....

I think they're going to use the site as a plant store for the Friargate work

They are going to build on that as part of the Friargate as well

 

[No future with SISU]

This Friargate thing is going to balls up my commute something rotten. That whole ring road junction closed for a year? Nightmare.

Closed for ever in certain directions

 

[No future with SISU]

6 rooms available tonight - 50% off - rooms available every weekday this and next week.

6 rooms available lets hold a conference at the ricoh

 

[letsallsingtogether]

Or is it that at the time we were hit by recession and nearly all building stopped around the country.
Same as the land at the old Peugeot site developers sat on it for years and have only just started to build on it same a the friarsgate project around the railway station that has now started as the time is right.

OK - so why haven't these plans led to anything being built?

Sorry if this has been brought up before but have not read all the threads.

Answer might be that the permission has expired - and the applicant hasn't applied for the permission to be extended, i.e. it's a non starter.

Why is the council now considering investing its own funds if this is such a viable project?

 

[lordsummerisle]

What did ACL do with the £21m loan they got from the Yorkshire bank?

Have you been living on Mars for the last couple of years?

£7million was paid off, the remaining £14million was paid to the Yorkshire Bank by CCC, who then loaned the money to ACL.

 

[skybluetony176]

Have you been living on Mars for the last couple of years?

£7million was paid off, the remaining £14million was paid to the Yorkshire Bank by CCC, who then loaned the money to ACL.

Didn't they arrange the loan on ACL's behalf from a central governments pot meaning that CCC haven't actually lent a bean to ACL or paid anything off?

 

[shmmeee]

Closed for ever in certain directions

So it'll be a U road not a ring road?

 

[shmmeee]

Didn't they arrange the loan on ACL's behalf from a central governments pot meaning that CCC haven't actually lent a bean to ACL?

I don't think so. Didn't they claim they're making a profit from it?

 

[skybluetony176]

I don't think so. Didn't they claim they're making a profit from it?

You could be right. Pretty sure the money comes from central government though and not from CCC's budget.

 

[Hobo]

6 rooms available lets hold a conference at the ricoh

You could always overspill into the Churchill Hotel Ball Hill and the Glengarry A45 Coventry Airport. Surprised other people haven't thought of these

 

[lordsummerisle]

Didn't they arrange the loan on ACL's behalf from a central governments pot meaning that CCC haven't actually lent a bean to ACL?

Nope, was from Council funds.

The Council has a 50% stake in Arena Coventry Limited (ACL), which

operates the Ricoh Arena. During 2012/13, the Council provided a £14.4m
loan to ACL to enable it to refinance its borrowings. ACL is in dispute with
Coventry City Football Club over unpaid rent, while the owners of the
latter sought to institute Judicial Review proceedings with regard to the
terms of the loan.to Arena Coventry Limited. As a result of the disputes,
the football club has relocated to Northampton, but ACL is confident that
it can continue as a sound business without the club.

Managing these issue raised some complex issues in areas such as conflicts

of interest, the Executive Director, Resources' statutory responsibilities and
managing confidentiality, and these issues were all handled effectively.
Going forward, the Council needs to continue to satisfy itself on the
financial status of ACL and to ensure that strong governance arrangements
remain in place around this issue

 

[lordsummerisle]

You could always overspill into the Churchill Hotel Ball Hill and the Glengarry A45 Coventry Airport. Surprised other people haven't thought of these

Glengarry is shut now due to the work on deah roundabout.

Maybe they should rebuild it at the Ricoh, 5 star accomodation there!

 

[shmmeee]

Nope, was from Council funds.

What does that mean "from council funds"? I assume it didn't come out of the education budget.

Any news on where the money came from?

 

[lordsummerisle]

What does that mean "from council funds"? I assume it didn't come out of the education budget.

Any news on where the money came from?

Statement from John Mutton at the time:

http://www.thefreelibrary.com/The+council+statement+in+full.-a0314996452

Doesn't really specify what budget it's from to be honest, but seems clear it's from the Councils overall funds somewhere.

We're now effectively acting as a banker to ACL, which will see the council pay off the current loan arrangements with its current lender the Yorkshire Bank. There is no net cost to the Council - this is a commercial arrangement that will provide a modest surplus to plough back into services and jobs.

As a result, the interest that ACL now pays on its loan will go to the Council, some of it helping to support jobs and services, the remainder helping to service the loan rather than to the bank. It's up to ACL and the club now to find a way forward on the rent issue; we know that ACL is totally committed to doing this, and we hope the club's owners will be committed to doing so, too.

Could say to you, don't be a lazy bastard and google it yourself!

 

[skybluetony176]

Statement from John Mutton at the time:

http://www.thefreelibrary.com/The+council+statement+in+full.-a0314996452

Doesn't really specify what budget it's from to be honest, but seems clear it's from the Councils overall funds somewhere.





Could say to you, don't be a lazy bastard and google it yourself!

Does the line "no net cost to the council-this is a commercial arrangement" indicate that it doesn't come from the councils budgets. Im sure I read that the money came from central government and the council arranged the loan so they are more guarantor than lender.

I'm just heading out the door for work, I'll Google it when I get home.

I m not saying your wrong by the way. That's just not my recollection of the arrangements.

 

[torchomatic]

What does that mean "from council funds"? I assume it didn't come out of the education budget.

Any news on where the money came from?

I thought it came from Reserves.

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[lordsummerisle]

Does the line "no net cost to the council-this is a commercial arrangement" indicate that it doesn't come from the councils budgets. Im sure I read that the money came from central government and the council arranged the loan so they are more guarantor than lender.

I'm just heading out the door for work, I'll Google it when I get home.

I m not saying your wrong by the way. That's just not my recollection of the arrangements.

Don't know why they would be receiving any "surplus" or "interest" if they hadn't provided the money to be honest?

A couple of quotes I posted earlier were from the Councils Auditors and they said in their financial report for the Council:

During 2012/13, the Council provided a £14.4m
loan to ACL to enable it to refinance its borrowings.

Would have thought they'd have said if it was provided externally?

Strangely, the two auditors appeared to be John Gregory and Tony Parks!

 

[fernandopartridge]

What does that mean "from council funds"? I assume it didn't come out of the education budget.

Any news on where the money came from?

'Prudential borrowing' - quote below from a document issued by the Local Government Association in 2007

The Local Government Act 2003 introduced new freedoms and flexibilities for local authorities. One of the new powers allowed local authorities to borrow to invest in capital works and assets so long as the cost of that borrowing was affordable and in line with principles set out in a professional Prudential Code, endorsed by the Chartered Institute of Public Finance and Accountancy. Local authorities have been making use of prudential borrowing for three years now, with great variation existing between authorities in the amounts invested and the purpose to which it has been put.

 

[fernandopartridge]

Does the line "no net cost to the council-this is a commercial arrangement" indicate that it doesn't come from the councils budgets. Im sure I read that the money came from central government and the council arranged the loan so they are more guarantor than lender.

I'm just heading out the door for work, I'll Google it when I get home.

I m not saying your wrong by the way. That's just not my recollection of the arrangements.

The council have borrowed the money commercially, the borrowing merely has to be 'affordable' and in line with CIPFA professional prudential code.