AS MORE than £2.5m is paid into the bank of Petersfield Town Council, the mayor says the whole town will benefit from the pay out.

It will be followed up by a similar amount on September 1.

In total the council has been paid £6.471,590 (gross) for the sale to developers of a field off Barnfield Road.

It is being proposed that 90 per cent of the money the council receives from the sale after solicitors fees and VAT is paid is invested in the local authorities property fund.

Annual interest payments will be available to spend on projects.

The remaining money, about £600,000 or so, is to be kept in the council’s ‘current’ account to spend as and when they decide.

But it can only be spent on capital schemes, not on the day to day running of the council.

Council clerk Neil Hitch said: “It could be allocated to the various capital projects the council is considering or wishing to complete.”

Petersfield mayor James Deane added: “This money is to benefit the whole town.

“The council has a to do list, like stabilizing the banks of the Heath and replacing play area equipment, and this money could help get some of them done sooner rather than later.”

But although most of the cash will be tucked safely away, Cllr Deane believes this doesn’t have to stop it being used to improve life in Petersfield, especially for local families who can’t afford the town’s high house prices and rent.

The money could be borrowed against, and the cash used for undertakings like building houses the council could rent out.

Cllr Deane said: “This huge sum could broaden the council’s horizons immeasurably.

“A lot of ideas have been talked about informally, but there haven’t been any formal discussions.

“Personally I would like a few houses built to help families struggling to live here.

“I would like to see the council able to provide homes for people essential to the community and that have connections to the town.

“But anything that is seriously going to be considered will be looked at with thought and diligence and residents will be consulted.

“This may be the only big pay day Petersfield has, and it is a legacy for the town.

“We have to get it right, we can’t afford to get it wrong.”