COUNCILLORS have been asked to support a £157,00 loan which it is said should kickstart the regeneration at a key site in Accrington.

Placefirst is close to securing the former Woodnook Mill land, off Mount Street, as a continuation of its major overhaul of the area.

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Eighty new homes could now be built on the site, advancing the £15million improvement package for the neighbourhood.

A sale price of £314,000, including VAT and fees, has been finalised with the site’s current owners.

And Hyndburn Council has been asked to assist Placefirst with the cash flow to make the deal for the 5.5 acre site a reality.

The borough’s executive has been told that the redevelopment of the old mill, which was finally torn down in 2009, has stalled due to problems encountered by the current owners.

The current owner bought the site for £1.52million in 2005 and failed to bring the site forward for development due to the high pricetag and site constraints.

An interest rate of 1.5 per cent per annum has been set and the authority would expect the loan to be half-repaid within three years and it to be fully met after five years, with interest.