"200-year-old dream" for Bedford canal takes step forward

Bedford’s mayor, Tom Wootton, gave last week’s Executive Meeting (October 16) an update on the preferred structure of the special purpose vehicle (SPV) for the delivery of the Bedford and Milton Keynes Waterway Park Project.

“Basically, this is the actual thing that’s going to make this happen and to be able to deliver and hire and fire developers and contractors and actually start work on the ground,” he said.

“The preferred option is for the creation of a limited liability partnership, subject to one or more partners being willing to enter into the partnership and the completion of due diligence by the monitoring officer under the existing delegated powers.

“[This is] something that I think is the most wonderful thing, because it’s the 200-year-old dream of having our canal [sic] linking to the Grand Union Canal,” he said.

Councillor James Valentine (Labour, Kempston West) asked for examples of how the project can utilise land development.

“Also, what further funding opportunities are envisaged given that the overall cost of the project is said to be about £300 million,” he asked.

Mayor Wootton said the Bedford borough section cost is circa £56 million.

“In terms of land to be utilised, the local plan has set out how the waterway park can contribute to sustainable growth of the borough,” he said.

“[Funding opportunities] include developer contributions in terms of both land and money through the section 106 agreements, through which the canal goes.

“Potential funding streams made available by the national government for water management [and] development proposals and money secured by other councils along the route.”

Councillor Valentine asked about the time scale for the borough section.

“The time scales, I hope, are sooner than five years to make a start,” mayor Wootton said.

“Especially when developers with the 106 agreements are doing all the work.

“So I rather hope we might be seeing some more action soon. We’re in the hands of developers.”