Loan for Courtyard Expansion Project
Decision Maker: Cabinet member commissioning, procurement and assets
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
To seek approval to release a loan of up to £0.611m to the Courtyard Centre for the Arts (Courtyard). This will enable the Courtyard to complete an expansion programme in order to maximise their revenue income.
(a) Approval be given to grant a loan of up to £0.611m to the Courtyard Centre of the Arts to carry out a programme of building works, the funding to be sourced by the council through Public Works Loan Board borrowing and;
(b) The loan be repaid in full by the Courtyard at a commercial interest rate over a period of 50 years with a repayment holiday of up to 3 years and the interest for those 3 years deferred to the 50 year repayment plan.
Alternative options considered:
1. The council does not give approval for the loan. This is not recommended as if the expansion is not completed then the Courtyard will not be able to realise an increase in their revenue income without which the facility would struggle to be viable.
Reason Key: Expenditure and strategic nature / impact on communities;
Wards Affected: (All Wards);
All members will be consulted as this is key
Contact: Penny Jones, Growth Programmes Projects Manager Email: email@example.com Tel: 01432 260613.
Publication date: 22/07/2020
Date of decision: 22/07/2020
Effective from: 29/07/2020