Lib Dems poised to sign Grosvenor Greyfriars deal

12.49.55pm BST (GMT +0100) Thu 4th Oct 2007

The Lib Dems are close to securing the first stage of the Grosvenor/Greyfriars re-development

The Liberal Democrat administration of Northampton Borough Council is close to signing a deal to secure the future re-development of the Grosvenor centre and the Greyfriars bus station.

Agreement was reached between the Borough council and Legal & General on Monday on virtually all issues after several months of painstaking negotiations since the Liberal Democrats took control in May. A few outstanding issues are expected to be resolved shortly, with the completion of the Heads of Terms allowing the council to now progress the next stage of the re-development of reaching a Development Agreement.

Cllr Richard Church, cabinet member for Regeneration, said:

"We made a promise in our manifesto to be proactive in realising the redevelopment of Grosvenor Greyfriars project and that is precisely what we've done since taking control in May.

"We are very pleased to have reached this stage, having made it one of our top priorities after little visible progress in the last year or so.

"Although this will take many years to come to fruition, we believe the re-development of the Grosvenor Centre and Greyfriars bus station is absolutely key to re-invigorating the town centre in the future, and we will do all we can to make it a success."