Shropshire Councillors have approved plans that could help it access funding needed to secure its vital transformation programme to reduce day-to-day running costs.
The council will now look to sell 10 of its car parks for 125 years using a financial agreement called an ‘income strip’.
This is like a mortgage agreement with a financial institution which would secure an upfront capital payment, which could be up to £30m, and then lease back the car parks for a fee each year, with the chance to purchase these back again after 50 years.
Under the plans, the council would still keep operational control of these car parks, which would remain in public use, and the council would still collect car park income.
The additional receipt will help fund and accelerate initiatives that are already under way to transform how the council operates and reduce its running costs.
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