BoE has said that they want to get to 2% by 2020 to normalise rates before loosening again, so you can only go on their guidance. With a tighening labour market, they will need to raise rates, but not too far given the UK consumers debt level.
My clients with only £1m collateral in terms of securities (equities and bonds) obtain 1%+LIBOR, so whilst a bridging loan might be higher than this whilst the stadium is being built, Everton should be able to achieve very close to these terms once they have collateral and the stadium is built.
I'd persoanlly be surprised if they got to 2% in 17 months, stranger things have happenned I suppose.
Maybe there will be an element of regeneration the club commit to and we use both the club and the council.
Either way, it's a lot better than the old days of paying ridiculous % from offshore lenders.