Council ends ties with harbour schemes
Last updated 21:57, Thursday, 03 July 2008
CUMBRIA County Council is to be recommended to transfer its shareholding in Maryport Developments Ltd to the newly reconstituted Maryport Harbour Authority.
The council’s cabinet will be asked to endorse the move, described as the council’s exit strategy, when it meets in Kendal on Tuesday.
A report to the cabinet says that the county council has fulfilled its primary aims, which were to reclaim and develop the once derelict harbour area in order to stimulate the town’s regeneration.
The county council has a 9.5 per cent shareholding in Maryport Developments Ltd and the move will be conditional on all other shareholders agreeing to the same transfer arrangements.
The council’s annual contribution of £40,000 per year will be made to the new bodyk, with the final payment being made in 2012/2013.
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