PROCEEDS from the sale of a building which was bought with hundreds of thousands of pounds of public money will be split equally between Cowes and East Cowes town councils.
Cllr Peter Lloyd told a meeting of East Cowes Town Council money left over from the sale of Bridge House — former home of North Medina Community Development Trust — will be passed to the councils to give to not-for-profit organisations.
Mr Lloyd, a town council representative on the development trust committee, said after the meeting: "The directors agreed after confirmation of the sale 12 months would be given to settle outstanding bills and costs.
"Then the funds would be distributed to the two councils."
The councils would oversee the use of the money and not-for-profit organisations in the areas could bid for grants to spend on capital goods, such as equipment and development of buildings, he added.
As reported in last week’s County Press, Cowes town councillors raised concerns over the sale of the building — bought in 2003 at £200,000 plus another £50,000 for conversion and funded with a £250,000 grant from the South East England Development Agency — amid fears their investment would be lost.
Mayor Geoff Banks said: "We’re delighted some money is going into the communities of East Cowes and Cowes.
"Cowes put £10,000 into the development of the trust so it would be nice to see our investment back and if there’s any money left over it will be lovely to see it back in our community."