Joined: Jun 01 2007 Posts: 12672 Location: Leicestershire.
I never thought I'd do this, but I'd like to refer you to the comments made at the bottom of the HDM article. Specifically those at 15.25, by Phil Webster (formerly of this Parish). To paraphrase, the council will borrow the money, but it will be repaid by HKR, Sirius and Hull Training. The council is providing assistance, but this does not amount to a hand out. I'd have preferred it if it was tbh, but this is more equitable and politically palatable. New stand and the moral high ground - even if we're having to pay rent on them.
Big well done to the club - very significant achievement.
'Thus I am tormented by my curiosity and humbled by my ignorance.' from History of an Old Bramin, The New York Mirror (A Weekly Journal Devoted to Literature and the Fine Arts), February 16th 1833.
Joined: Mar 05 2007 Posts: 13190 Location: Hedon (sometimes), sometimes Premier Inn's
Hutchie wrote:Waste of good tax payers money
Not as much as the KC, how much has the council got back over the years, it's less than they've paid out to rent space. Even if you took a 5% per annum return they should have had over £2 million per year on a £43 million investment, not the paltry few thousand they have received.
The KC has been a gigantic financial rip off for the council tax payers of Hull.
'when my life is over, the thing which will have given me greatest pride is that I was first to plunge into the sea, swimming freely underwater without any connection to the terrestrial world'
Mild Rover wrote:I never thought I'd do this, but I'd like to refer you to the comments made at the bottom of the HDM article. Specifically those at 15.25, by Phil Webster (formerly of this Parish). To paraphrase, the council will borrow the money, but it will be repaid by HKR, Sirius and Hull Training. The council is providing assistance, but this does not amount to a hand out. I'd have preferred it if it was tbh, but this is more equitable and politically palatable. New stand and the moral high ground - even if we're having to pay rent on them.
Big well done to the club - very significant achievement.
Phil Websters comments Just to help with a few facts, The council is using a facility available called prudential borrowing, (that means using the asset against the borrow) let me make it quite clear, there is no outlay of any money by the council, 3 partners will pay rent to cover the cost of the borrowing (so no cost to the council) the shortfall in funding is to be met by a ERDF grant (which has been agreed) the council is taking a risk as to the rental payments, which has been fully risk assessed by a proffesional body,
To sum up, The stand will go ahead, and will be of no cost to the tax payers of Hull, and as an earlier poster said this will be a valuble enterprise asset to Hull
It is also noted that this proposal was passed UNANIMOUSLY by the ENTIRE cabinet including the hull FC season passholder councillor who had to " declare an interest " before the meeting started.
Standing up to the forum bully.
It must be working, he doesn't like me...i'm devastated
Bertie wrote:It is also noted that this proposal was passed UNANIMOUSLY by the ENTIRE cabinet including the hull FC season passholder councillor who had to " declare an interest " before the meeting started.
Well that man deserves a medle for a non blinkered view, and its about bloody time that we got the funds for the stand, FC fans and even the most bitter of them cannot argue that we have brought something to Super League and now we will be 3/4 of the way to a Decent Stadium. I just hope they stick to their word and this stand will be provided to Away fans with the Golf Stand moving to the South for home fans!!
Joined: Mar 09 2004 Posts: 33944 Location: watching out for low flying geese
A bit of friendly advice , now it has the planning and funding done
Dont mention it again until they start building it , that way you dont end up looking stupid as some other clubs have done
You are progressing slowly but steadily , quite often that is the best way , best of luck this year
kcab sfrawdder
Luck is a combination of preparation and opportunity
Just to avoid confusion Starbug is the username of Steven Pike
SOMEBODY SAID that it couldn’t be done But he with a chuckle replied That “maybe it couldn’t,” but he would be one Who wouldn’t say so till he’d tried. So he buckled right in with the trace of a grin On his face. If he worried he hid it. He started to sing as he tackled the thing That couldn’t be done, and he did it!
Joined: Jul 15 2005 Posts: 29816 Location: West Yorkshire
So who owns the stand? Phil Webster talks about using the asset against the loan and talks about "rental" to cover interest costs but not about capital repayments. Presumably Rovers and partners own the stand, pay rental to the council in lieu of interest and make capital repayments to the prudential fund?
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