MEDWAY COUNCIL -  PURCHASE OF PENTAGON SHOPPING CENTRE, CHATHAM

Last week's decision by Medway Council has agreement to purchase the Pentagon Shopping Centre in Chatham, Medway Liberal Democrats are asking has the Council considered not just the capital purchase, but also the long-term investment of the Centre.

Using an abbreviated process that did not involve Overview and Scrutiny the Conservatives have used their majority, to proceed with an expensive and risky long term purchase. Medway Liberal Democrats are broadly supportive of Medway Council buying the Pentagon Centre, as this would give the Council the necessary leverage to kick start Chatham's regeneration.

The commercial sensitivity, short deadlines and timing with the purchase so close to local elections combine make commenting on the finances difficult and highly politicised. The Pentagon is an enormous purchase and there are liabilities and risks associated with this type of investment. The project will also put a huge future burden on any incoming administration's resources to effectively manage and revitalise the Pentagon.

The current Conservative administration's record on such projects has been poor and the Council has overseen a gradual decline of Chatham High Street in recent years with a poorly planned bus depot, extortionate parking increases and traffic mismanagement in Chatham Town Centre. All factors which deter shoppers from shopping in Chatham as well as negative aspects for businesses to invest. We question the process used to evaluate the property using only a single quote, purchases of much smaller value have a rule saying that 3 quotes are standard practice when using public money to make purchase, we think this practice should have been used here.

A Liberal Democrat controlled Council would deliver a strategy to rejuvenate the Pentagon and the wider area with the right action to support businesses. As pioneering Liberal Democrat councils are currently demonstrating nationally.

Medway Liberal Democrats support the regeneration of all the town's high streets, with a focus on creating new businesses and preserving jobs. Measures such as reducing business rates, more free parking schemes and a greater diversity of activities would help to revitalise the high streets, making them accessible, attractive and safe. We think the funding model of this purchase is unlikely to deliver these objectives.