TRAM: British and Australian (American usually streetcar also trolley) noun [C] An electric vehicle that transports people, usually in cities, and goes along metal tracks in the road. (Taken from the Cambridge English Dictionary)
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COUNCIL PLAN TO BORROW TRAM CASH
Trams for Edinburgh – Sunday 7th October 2007
Edinburgh City Council are being accused – in The Scotsman at any rate – of taking a gamble by revealing that they are planning on borrowing up to £30 million for their tram contribution.
The Council are due to put forward £45 million to the project and they have been hoping that the vast majority of this will come from contributions from property developers along the proposed route. But a report has revealed that the Council are preparing to borrow between £20 and £30 million against the contributions they expect – but haven’t yet got – to receive from developers.
This has, surprise, surprise, led to some in the city moaning. Cllr Mark McInnes, Transport Spokesman for the Conservatives, said: “As with any loans there is a lot of risk. We need to be absolutely confident the contributions from developers will be forthcoming, it is vital that the risk does not fall back on to the taxpayer."
A decision on just how much money will need to be borrowed has not yet been made but this is expected by December. Details of the loans will be officially revealed to Councillors sometime this month when the final Business Case is debated.
Tony Thomas, strategic land director for AWG Property, commented: “I think the sums involved will definitely put pressure on the council. It may even lead to the perception the council is under pressure to approve developments to get the contributions in."
* Meanwhile, hotel giant Rezidor have been revealed to be the first to develop alongside the proposed tram route in Leith Walk. A planning application has just been put into the Council, which emphasises the tramway as a major advantage of developing there. It claims: “The site occupies a key position in the city, and it is just ten minutes' walk from Princes Street and Waverley Station, and is also on the route of one of the proposed tram routes.”
Ajay Chauhan, project architect, added: “There is no doubt the fact that the tram network, which will include Leith Walk, has been a factor in this site being chosen, and it's also a great site because it's so close to the city centre.”
