The project was one of the highest-profile casualties of the credit crunch in West Yorkshire, grinding to a halt last year when the original development company went into administration.

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But builders are back on site and the loan replaces a grant previously agreed by the council before the development got into difficulties.
Shepherd Construction, Area Property Partners and Sovereign Land rescued the scheme, buying it from administrators in December 2009.

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Wakefield Council's cabinet this week agreed a commercial loan of £2m to complete a £130m financial package which will see the scheme through
to completion.

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The bulk of the money is coming from banks along with a proposed £5m loan from Yorkshire Forward.

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Council bosses say a condition of their loan is that the money is paid only at the end of the construction phase of the scheme – due to finish in 2011 –with strict security measures in place to minimise any risk.

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