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The site of the former Dreamland theme park has been transferred to Thanet District Council today, clearing the path for its regeneration to get under way.
Closed since a fire destroyed its flagship attraction the Scenic Railway in 2008, surveyors are expected to assess the condition of the site imminently.
First on the council's to-do list will be to renovate the Grade ll-listed ride, cinema building and menagerie cages at the Margate venue.
As this work goes on, re-branding and design proposals will be laid out by the Dreamland Trust and its partners, the group formed after the six-year Save Dreamland Campaign.
The aim is to open a heritage-style theme park with traditional rides in 2015, but there could be one final stumbling block to the project going any further.
Former site owners have mounted a legal challenge to the council's compulsory purchase, due to be heard at the Appeals Court from September 25.
Today's announcement is the latest chapter in a legal saga that began in June 2011.
Council leader Cllr Clive Hart said: "The transfer of Dreamland to the council is another significant step towards creating a world-class visitor attraction on this site.
"With overwhelming public support and the vital funds in place, we have been resolute in our commitment to deliver this landmark project and believe that the compulsory purchase of the land was the only viable option to save and restore the site.
"The council has carried out significant urgent repairs to the important heritage assets and has been saddened to see the site stand vacant and unused for such a long period of time.
"The continued legal challenge is nothing short of frustrating. With support from the Secretary of State, and the High Court, we are hopeful that the right outcome will be determined at the appeal, and will continue to do all we can to unlock the regeneration of this part of Margate."
The Dreamland project has already received £3million of funding from the council and £3million from the Heritage Lottery Fund.
An application for money from the government's Sea Change Fund saw the project awarded another £3.8million, but this was dependant on the council getting a long lease on the site.
After this could not be agreed, the council issued a compulsory purchase order in 2011.
The order was approved by the Secretary of State for Communities and Local Government in August last year.
But the long legal process saw a challenge from the site owners heard in the High Court in March, with was dismissed in May.
Dreamland Trust chairman Nick Laister said: "The transfer of the site to our partner Thanet District Council is one of the biggest milestones in our efforts to return Dreamland to its rightful place as Margate’s biggest visitor attraction and to the people and community of Margate.
"The Dreamland Trust and the council have worked very hard to secure this transfer in the best interests of Thanet.
"Having a large, derelict wasteland in the middle of the seafront has been so detrimental to the image of Margate.
"The transformation of the town has already started following the opening of Turner Contemporary in 2011.
"The reopening of Dreamland as the world's first amusement park of thrilling historic rides in 2015 will be the another big step forward for the resort.
"We hope to be able to cross the final hurdle at the Court of Appeal later this month.
"We have the right team in place to deliver this project and, with the necessary funding now available to us, we are confident that the people and businesses of Thanet will not have to wait too long now to see visible progress on site."