A COMPULSORY Purchase Order (CPO) is "days away" from being served on the owners of Margate's Dreamland site.

Thanet council's cabinet gave its final approval for the move at a meeting last week.

Now officers have drawn up legal documents to serve on the Margate Town Centre Regeneration Company (MTCRC) and two other new firms that have an interest in the 20 acre site.

The CPO that Thanet council has put together only encompasses the part of the seafront plot needed for the development of a heritage amusement park including the cinema, Scenic Railway rollercoaster and car parking.

The Dreamland Trust and Thanet council are working to open the world's first amusement park featuring historic rides, classic sideshows, vintage cafes, restaurants, special events and gardens.

Millions of pounds of taxpayers' money have already been invested.

The council agreed in May 2010 that it would start compulsory purchase proceedings on the site, if terms were not agreed for the transfer of the freehold of the cinema building and land.

The land would then be given by the council to the Dreamland Trust on a long lease for a peppercorn rent.

Chief executive Richard Samuel told the Isle of Thanet Gazette that the CPO was the last resort after the council reached "deadlock" with the owners, who include businessman Jimmy Godden.

Mr Samuel added: "Doing nothing is not an option."

He said that the MTCRC wanted guarantees over the scale of a development of homes on the remainder of the site, which Thanet council "was not able to give."

Mr Samuel said: "We are determined to continue the regeneration of Margate, which has already seen an enormous boost with the opening of Turner Contemporary, with the project to open a world first at Dreamland.

"Because of the importance of this site to the town's future, we need to take action to ensure that the heritage amusement park goes ahead."

Toby Hunter from the MTCRC said the company would challenge the CPO and warned compensation could be costly for the taxpayer.

He also raised concerns over escalating costs of building the heritage park, saying that bids to rebuild the Scenic Railway had come in at £5 million where only £1.5 million had been allocated.

Mr Hunter said that the vision for the park outlined two years ago was not now going to be possible with the £12 million available for the project and that taxpayers could be left feeling "cheated" and with a fun park that failed to deliver what it promised.

Thanet council's chief executive designate, Sue McGonigal, admitted that plans for the heritage park were being reviewed and that the project was likely to be phased over a longer time.

She said that the project was still a financially viable one, and one that was fully budgeted for in the building stage.

The council has made no financial commitment to the running costs of the park.

Chairman of the Dreamland Trust, Nick Laister, said: "The Dreamland Trust is delighted that Thanet District Council has shown its strong commitment to the Dreamland Margate project and is proceeding with the compulsory purchase of the Dreamland amusement park site.

"With all the technical work now complete and a substantial part of the funding in place, the acquisition of the site by the council will allow the trust to commence work on the implementation of what is a key project for the regeneration of Margate.

"We look forward to working with Thanet District Council and our other partners to deliver the world's first amusement park of thrilling historic rides on the Dreamland site."