The funding has been revealed in the formal legal agreement between Peterborough City Council and the mystery buyer of the Northminster site.
The identity of the bidder is subject to commercial confidentiality but the legal agreement between the parties has been released as part of the documentation that has led to the new development of 315 new residentials units and two retail units being granted outline planning permission this week.
As part of the agreement, required by Section 106 of the Town and Country Planning Act 1990, the landowner has signed up to a number of obligations. One of these is to provide funds for the council to improve the surrounding area.
The agreement sets out that the index linked sum of £223,878.44 must be paid as the landowner’s off-site open space contribution.
The money will then be used by the council as follows:
- £121,005.42 for the enhancement of Stanley Park
- £60,209.67 for play facilities to be installed at Stanley Park
- £29,570.89 for the enhancement of natural greenspace within Stanley Park
- £13,092.46 for the enhancement of Burton Street allotments
In March it was revealed that the council had decided to change the name of Stanley Recreation Ground to Stanley Park to encourage more visitors to come to the site. A new mural, to be created by street artist Nathan Murdoch, was also commissioned.
A council spokesperson said: “Calling it a ‘recreation ground’ is a less fitting description than a ‘park’ as there are many facilities on offer, something we want to highlight by the name change.
"We want to encourage a wide-range of groups to come along and enjoy the site, whether it be the mass bulb planting currently in full bloom (and the increased wildlife it brings) or the enhanced play area, new gym equipment or mini goals for football.
"We hope the name change and the recent artwork at the former toilet block will help persuade people who have not been before to pay the park a visit.”
The agreement is available on the council’s planning portal, reference 21/01151/R4OUT.