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But the city council snubbed his offer by 22 votes to 20, with one abstention, as Labour members kept an election promise to sink the 140million project.

"Councillors have ignored the wishes of the majority of Aberdonians who voted in favour of the City Garden Project in the recent referendum.

"While Dundee City Council is scouring the country for their waterfront development, Aberdeen City Council has rejected one of the greatest philanthropic gestures ever.

Councillors voted in support of an alternative proposal from the Independent Alliance Group, headed by the council's deputy leader, Marie Boulton.

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In a public referendum in March, 45,301 city residents voted for Wood's plan and 41,175 opted to keep the gardens as they are.

A BILLIONAIRE businessman's controversial bid to transform the heart of Europe's oil capital has been overturned

The group support making "basic improvements" to the gardens and the city centre, which are "sympathetic to the heritage and environment of the city".

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Kevin Stewart, SNP MSP for Aberdeen Central, said: "This is a dark day for democracy.

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The controversial project has split the community although it narrowly won Nike Crew Sweatshirt Mens

Opponents of his gardens vision, called Granite Web, hailed the decision a victory for common sense.

The group said it wants to invest in Union Terrace Gardens as well as other buildings around the city centre.

"It is somewhat ironic that the administration's policy paper talks of listening to the views of citizens, of winning the City of Culture bid and achieving sustainable economic growth, as in casting their votes today they have done exactly the opposite."

case, which would have posed undue risk to the city's finances."

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The Granite Web plan was chosen in February as the winning design for the redevelopment of the gardens, incorporating 70,000 sq ft of green space within eight gardens, along with a cultural and arts centre with a cafe and two new plazas in Union Street and Belmont Street.

Alex Johnstone, Scottish Conservative North East MSP, said: "This is a slap in the face to a local philanthropist who wanted to invest in his home city.

´╗┐Aberdeen Union Terrace plans rejected

The council will now explore whether they can use the TIF funding mechanism without the security of Wood's cash.

"This is nothing short of complete financial incompetence.

public approval following a referendum in March with 45,301 votes for and 41,175 votes against.

Labour, which became the largest party at the last council election, argued that the proposal was too expensive.

The vote was held as the council debated whether to Nike Coats On Sale borrow 92million from the Scottish Government through a Tax Incremental Finance scheme.

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Wood, 69, who didn't attend, had already vowed to take his money off the table and spend it on good causes in Africa if his futuristic city garden dream died.

"Councillor Boulton's amendment is an undeliverable fudge, which has rejected the current, sound TIF (Tax Incremental Funding) business case and rejects the substantial private sector contribution.

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The TIF scheme would be used to finance five city regeneration schemes, including Nike V Neck Sweatshirt

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Wood offered 50million up front and another 35million if costs spiralled.

Sir Ian attacked the council's decision and said: "Wood Family Trust have no alternative but to withdraw their offer to support the project."

Kenneth Watt, of the Friends of Union Terrace Gardens, said: "We're glad the councillors have rejected the case.

His vision was to turn the Victorian park beneath Union Street into a network of paths, with a cultural and arts centre and two plazas.

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the City Gardens Project.

Tycoon Sir Ian Wood was set to inject 85million into a revamp of Aberdeen's historic Union Terrace Gardens.

"She previously said she could not back a TIF bid because of the risks involved and now she and her Labour colleagues have backed a plan which is even riskier.

The money, needed to meet the balance of the project, would be repaid through increased business rates in the city.

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