@scalevola
You wrote:
"It was folly to set a deficit budget - the uncertainly of future use of the site has been going on since at least 2009 and it has never been clear it could be sold, or if so when."
No "deficit budget" was ever set.
You are obviously referring to the practical implications for Islington of the transfer of 3 Million pounds worth of assets from public ownership, by Islington, to private ownership by the shareholders of Bellevue Ltd.
An asset they had an entirely reasonable expectation that they could turn into cash, at some point, which they could then use to improve Islington Schools.
Preliminary discussions regarding the Ashmount move began at least nine years ago. An initial, in house feasability study reported eight years ago. It was around that time that a very conservative value was put on the site as part of a scenario, where it was sold on the open market for housing. The officers who did the valuation said it had to be very conservative as there was no way of knowing, in 2005 what the state of the market would be when the project was complete.
The council is required by law to value its assets, and get best value for them. So had the council decided, for example to use the site as a public park, then the council would have had to "buy" it from itself.
The 3 million figure was arrived at by prudent officers, which is why actually I think it is rather higher, a point of which no doubt Bellevue Ltd who have lobbied hard for this PARTICULAR site are well aware.
It is as if you owned a house, and decided to move out of it, and bought a new one, without having sold the first one. And you arranged all your finance on that basis, that you had not sold the first house, nor, due to market uncertainty did you know when, or if, it would sell.
By not assuming any money from the possible sale of your first property you would be being very prudent in the way you conducted your affairs.
Then the council step in, seize your first house, and hand it to a private landlord to rent out for their benefit. YOU have not actually LOST any money have you? So what would you have to complain of?