Birmingham City councillors have been warned that the economic downturn is likely to reduce the amount of money being raised from the sale of local development sites.
A report to cabinet members has shown that the council is on target to raise £51m in capital receipts from the disposal of surplus properties, and has already raised more than £35.57m. However, it adds: ‘Individual regeneration or service development projects may be adversely affected.’
Ashford DC has suspended plans to redevelop Brookfield Court, and Cllr Peter Wood, portfolio holder for housing and property, said: ‘It is with regret that the council has decided to postpone the project.’
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