Thanet Labour Group gave a cautious welcome to TDC plans for Dreamland in Margate at Thursday evening's extra-ordinary meeting of the council.
It is promised that the first phase of the project will transform Margate seafront and Labour members welcome the promise of 200+ jobs in the local economy.
However, there were serious concerns regarding financial issues and deadlines.
Labour Group Leader Clive Hart said "I wish there were other, more robust options, but the project outlined on Thursday is the only deal on the table and local residents most certainly want action on this prominent eyesore site. We do have very serious concerns regarding finance matters and project timelines but as this issue was quite rightly being discussed in open session, such details were ruled confidential".
Margate Central ward councillor John Watkins said "if this ambitious project finally comes to fruition in 2012 as promised, the TDC contribution of £2.2 million that was proposed and accepted on Thursday will prove to have been worthwhile".
At Thursday's meeting Labour members also called for regular and detailed monitoring of financial issues concerning the project and for the Leader of the council to be appointed to the Project Board.
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