Birmingham Council Faces $30M Paradise Project Bill

0:00On March 2nd, Birmingham City Council is facing a major financial headache with a 30 million pound bill tied to the Paradise Development Inn, Chamberlain Square. This stems from a 60 million pound loan, the council made back in 2015 to cover land costs and business relocations for the grand, billion pound plus project which has turned the city center into a sleek spot with high-end spots like Dishoom. The trouble hit when economic woes after the first buildings opened in 2019 made repayments impossible. External auditors from Grant Thornton just flagged that the council is on the hook for half the loan, calling it a red risk to the budget that wasn't. Spot it or handled before. This adds pressure as council leaders scramble for votes on their overall budget with labor's John Cotton urging all members to show up. It's the second time public money has bailed out the project, seen as a key boost for local renewal. Now an urgent review is underway, while the final phase including demolishing the Kotdhorne

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