THE Isle of Wight Council will not face a costs bill of more than £100,000 for losing the Red Funnel planning appeal.
Officers had predicted the council would lose but the ferry company confirmed it would not make a costs application.
But the authority confirmed it had still racked-up a £12,500 bill for legal and technical advice plus 200 hours of staff time.
Cabinet member for planning and housing, Cllr Barry Abraham, said: “We are now at the start of the development process and look forward to learning more about Red Funnel’s specific plans to bring forward this project.”
Cabinet member for regeneration and business development, Cllr Wayne Whittle, said: “The regeneration of East Cowes has been in progress for a number of years, but this development will certainly start to move things forward at pace.
“As a council, we are committed to regeneration and the future sustainability of the Isle of Wight. This project will enable both physical and economic regeneration for both East Cowes and the Island.
“It is also important that we support and nurture existing local businesses to continue to grow and thrive, and we will continue to work with those businesses to ensure that their interests are supported as best possible.
“The council now needs to understand from Red Funnel what its plans for the scheme are and the time-scales for delivery so that the council can review the wider highway and public realm options so that funding opportunities can be identified.”