The Herald last month revealed assurances were being sought from Hanson Capital Management that it could meet a £2 million payment of Section 106 developer contributions to kick-start the £150 million project.
But the firm has confirmed it needed several interested parties – including two banks – to sign the agreement before the multi-use development could begin.
Speaking on behalf of Hanson, spokesman Brian Rickard said: “We are continuing to press the various stakeholders who are signatories to the Section 106 agreement to complete the signing process, which we expected to be done by the end of February.
“A formal planning permission document cannot be issued by the council until this process has been completed.”
The firm had promised in a previous statement to issue a full explanation of the issues behind the delay by the end of February.
But the Herald only received word from Hanson on Monday after insisting on answers on behalf of residents.
Mr Rickard said: “In parallel to this, discussions on issues caused by the banking crisis regarding the original funding of the land purchase are continuing, and are expected to be concluded in the near future.
“Two of the banks involved here are also signatories to the Section 106 Agreement.
“We remain committed to see this project through to completion.”
Mr Rickard said the developers have met with the council to discuss ways of speeding up the process, once the issues had been resolved.
Worthing Borough Council cabinet member for regeneration Bryan Turner said: “Hanson is speaking very positively about the project. We have had an agreement over the Section 106 for some time, and the ball is in their court now.”
Leader of Worthing Liberal Democrats Alan Rice again urged the council to ‘get on’ with exploring other options to kick-start the project.
What do you think? Is the scheme still in reach, or doomed to fail? Email [email protected] or write to the address on page two.