 WE ARE more than half way through Merseyside's current Objective 1 programme. But as the 2006 end date comes into sight, there are big question marks hanging over whether the region's politicians and planners can put together enough schemes to spend the entire £840m pot of cash that Brussels has directed our way. If too few schemes are approved by the end of 2006, unspent cash will have to be returned to the European Commission. If that happened, it would amount to a wasted opportunity for the region. But it is not just Brussels's £840m at risk. Under Objective 1 rules, Europe's money must be matched by another £840m from the British government and a further £420m of private sector cash, taking the value of the entire seven-year programme to more than £2bn. While a great deal of this cash has been committed and spent since the 2000 start of the programme, hundreds of millions of pounds have been held back and earmarked for some grand projects that have yet to start. Many of these are based at Liverpool's waterfront, while other projects include eight strategic investment areas around Merseyside. The waterfront schemes include the development of Kings Dock, the proposed cruise liner terminal adjacent to the Pier Head and the Fourth Grace (pictured above) to be erected next door to the Port of Liverpool building. As yet none have planning permission or fully secured the necessary funding. A previous attempt to earmark Objective 1 funds for the regeneration of Kings Dock fell through when Everton Football Club failed to raise the cash needed to build its proposed new stadium and associated residential and commercial space. And there are some who question the viability of the Fourth Grace. While Liverpool Museum has said it will establish an attraction there, the project needs many other tenants to sign up before it can be deemed economically viable. The senior civil servant who runs Merseyside's Objective 1 programme is keen to ensure that the whole pot of money is spent before the deadline, and he makes it clear that he intends to knock heads together to avoid the ultimate embarrassment of handing cash back. John Flamson, director of the Objective 1 programme, said: "There is now a mad scramble to take advantage because people realise we do reserve the right to take the money back. And make no mistake we are taking this very seriously. "We are turning the screw." Jim Gill - who steers Liverpool Vision - says Merseyside has to quickly get its act together if the balance of funding is not to be lost because of a lack of initiatives. Mr Gill admits the waterfront projects are dependent on pulling down Objective 1 monies. Yet he believes it is possible in the short timescale left. Planning permission will be sought in the near future for some of the schemes. He said: "The Fourth Grace goes in during April and Kings Dock in June. We don't really expect any hassle over them." But he admits he is not quite sure what might happen if they miss the Objective 1 programme. He added: "We don't know if the transitional funding after 2008 will allow us to pick them up. We have to assume at the moment that it won't. So we are working on the premise that we have to deliver by 2008." | 
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