Wirral Council has ruled out investing in a new golf resort in Hoylake.
The plans include a hotel, two golf courses and executive homes.
"This Council is determined to bring investment, jobs and prosperity to Wirral.
"That’s why major players like Celtic Manor and Redrow want to build here in the first place.
"This is a scheme which will create hundreds of new jobs and give the Hoylake high-street a huge boost.
“However, it is a massive investment for the Council.
"We are a new Leadership, with new priorities, and after much deliberation we’ve decided the money we would borrow to invest in this scheme would be better spent on securing affordable and social housing for the many residents who need it elsewhere in our borough."