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Anger Over £25 Million Loan For Controversial Incinerator
2:54pm 4th October 2012
There is anger as it is revealed Cornwall could loan the people behind the St Dennis incinerator £25 million.
The Council says it is to cover SITA's costs, because the project to build the controversial waste burner has been delayed.
Officials insist it will be paid back and will not cost us a penny.
A statement said:
"The loan would be provided as a mitigation measure to reduce the increase in costs of the project due to the delay caused by litigation. The loan will be repaid over the life of the contract with the annual repayments covering any financing costs the Council will incur; therefore the loan will have no impact on Council Resources.
"Cornwall Council can borrow at lower interest rates than SITA and therefore this injection of capital will make the overall borrowing costs less, which will in turn result in a lower cost to the Council."
Campaigner Pat Blanchard is not happy:
"I don't see how it can't impact on council resources. It means that that £25 million is less they have to spend on other services, which are under severe threat of severe cuts.
"You can come up with all the justification you like but the fact of the matter is that £25 million is a lot of money to come out of the council's budget and I really cannot understand that it won't have an impact."
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