There is still a lack of clarity on crucial points as to whether all agreements made with the municipality have been met. In short, that is the conclusion drawn by the Rotterdam Court of Audit regarding participation in Feyenoord City. The Court of Audit examines whether the national government spends public money sensibly, economically and carefully. The General Audit Chamber’s director Paul Hofstra explains.
“This is the second interim letter that we have written about Feyenoord City. The first letter was about whether there was enough public interest. We then established that there was not enough. In this letter we continued on that. Is there sufficient public interest at the moment? That is a strict legal requirement. And as the Court of Audit we have had to conclude that the public interest is still not clear and clear, “Hofstra says.
“On the other hand, we looked at the conditions for participating in Feyenoord City. That is quite a laundry list, 98 in total. The conditions were tested by accountancy firm Deloitte on behalf of the city council. And we have come to the conclusion that many of the conditions are met, but that it is not clear on the most crucial points. And then, in our opinion, you cannot make an informed decision. “
And what are those crucial points where there is uncertainty?
“The willingness of the financiers to participate. That is a very important one because this concerns the total financing of the stadium. And there is still a lack of clarity about this at the moment. That should not have been possible. There should have been letters of intent or financing agreements. to clarify whether the final signature can be placed at the end of the year, and Feyenoord is not there yet.
“There is also uncertainty about the eventual business case. That is a tough requirement that the city council has set: it must not deviate from the previously determined case. In a business case, all costs, expenses and risks are all neatly listed. And there is still a lot of uncertainty about both the final construction costs and the so-called land reclamation. That stadium will be half in the Maas, which is a fairly complicated construction situation, and there is no clarity about it at all. elements that determine the definitive business case. “
The Court of Auditors has already carried out investigations twice. Has anything changed?
“What does exist now is a so-called public framework, in which the Municipal Executive has made an attempt to clarify what the public interest is. But if you look purely at what that public interest is now, that is our opinion is much too meager and therefore not sufficient. And I add: it is a strict, legal requirement because as a municipality, as a government, you should not just put tax money into a private company. “
Is there anything clear about Feyenoord City at all?
But just not on the most important elements. And the city council has just said that there must be complete clarity and clarity about ‘all’ 98 conditions before they can make a positive decision about a participation in Feyenoord City. so about investing 40 million euros. So with so much uncertainty on crucial points, we don’t think you can make a well-considered decision at the moment. “
What else does the process look like?
“It is now up to the city council. I will give an explanation next Tuesday, followed by some technical sessions. The decision will have to be taken in July anyway.”
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