MID Devon District Council will hold an Extraordinary Cabinet meeting on Wednesday, August 16, to review options for the 3 Rivers Development company.

Council Leader Luke Taylor, said: “When the Liberal Democrats were elected in the May local elections we were clear that one of our priorities was to sort out the mess in Council finances left by the Conservatives.

“One of the most significant issues hanging over the Council was the very substantial loans guaranteed to property developer 3 Rivers Development by the Council.

“I, and my colleagues in the Liberal Democrat Group, are very conscious of the problems at councils such as Thurrock and Woking caused by Conservative mismanagement. We are determined the same will not happen here.”

The 3 Rivers Development is a property development company set-up by Mid Devon District Council. The Council has guaranteed loans to the company and some of which have become “impaired”, a technical term indicating they may not be repaid.

Finance Portfolio holder James Buczkowski, said: “One of the very first meetings we had after the election was with Council Officers specifically to talk about 3 Rivers Development.

“The outcome of that was to agree to wait for an independent report to be produced on the company, as requested by the previous full council, before making a decision on the future of 3 Rivers Development.

“The extraordinary Cabinet meeting is being called to receive and review that independent report and consider what action the Council might take.”

Tiverton Castle ward Councillor David Wulff, said: “We know that 3 Rivers Development has been of specific concern to many Mid Devon residents, but especially those in Tiverton.

“We see this meeting as the first step in putting the Councils finances on a sound footing.”

Councillor Luke Taylor added: “When I was elected Leader of the Council, I was clear I wanted an open and more transparent form of local government. At the Cabinet meeting there will be an opportunity for members of the general public to attend and ask questions.

“If you wish to ask questions please can I ask you to submit them in advance of the meeting and we will do our best to answer them at the meeting.

“I would caution that some parts of our discussion may have to take place in private as there may be commercial matters to discuss. But we will do our best to keep as much in the public session as is practical.”

The extraordinary meeting will take place at Phoenix House, Tiverton at 5.15pm.

Anyone wishing to submit a questions should send it to: [email protected] no later than 4pm on the day before the meeting.