‘Disastrous’ 3 Rivers Developments funding decision squandering Mid Devon council tax payers money

Mid Devon Liberal Democrats are accusing Conservative Councillors of 'squandering' Mid Devon council tax payers' money with a decision to continue funding the disastrous 3 Rivers Developments Ltd (3RDL) property development company.

Concerned for the residents of Mid Devon, the Liberal Democrats are calling for Mid Devon Council's Cabinet's decision to advance further loans to 3RDL to be called before the Council's Scrutiny Committee immediately to prevent the Council from falling into 'Special Measures'.

Owned solely by Mid Devon District Council, 3RDL was lent over £1million by the Conservative controlled Council in 2017, to set up the company. No plan, however, for how the money will be repaid has been set out. Since its founding, the company has reported losses for key development sites and received numerous bailouts from the council.

Closing the company down and calling in administrators to finish off the current projects would cost millions to Mid Devon council tax payers.

Liberal Democrat Mid Devon Group Leader, Luke Taylor (Bradninch), said: "Instead of focusing on delivering for the people of Mid Devon, Conservatives on the Council are prioritising 3 Rivers Developments Ltd and allowing the council to haemorrhage money in an attempt to keep this disastrous company afloat.

"The Liberal Democrats will not allow the Council to risk falling into 'Special Measures' as a result of this Conservative lead decision. We want the decision reviewed by the Scrutiny Committee immediately so questions left unanswered can be addressed formally.

"While Conservative Councillors are happy to sit idly by while council tax payer money is being squandered on this vanity project, the Liberal Democrats want to see this money used to fund projects that will improve the lives of people in Mid Devon, like increasing the volume and quality of our social housing, and encouraging employers to create more local jobs."