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.

That:

(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.

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.