Proposed Town Council Loan to the Bridgend Centre - Your views are welcome

Date: 29th October 2018
Published by: David Naylor

Consultation with Bollington residents

Bollington Town Council’s intention to loan £56,000 to the Bridgend Centre

Bollington Town Council is minded to approve a loan request from The Bridgend Centre, 104 Palmerston Street, Bollington SK10 5PW (Charity Number 1123287) and is inviting comments from Bollington precept payers.

1. The Loan would be for £56,000 over 15 years secured by a second charge against 104 Palmerston Street.

2. There is a substantial amount of equity available in the property, equivalent to £234,000 and therefore the Town Council is confident that if in the worse case scenario, the Bridgend Centre were to become non-viable financially, the Council would recover the funds from the sale of the property

3. The Bridgend already performs a vital role in our town, tackling isolation, improving health and fostering a sense of community and has the opportunity currently to secure it’s future by purchasing 104 Palmerston Street from the current owners, by way of a mortgage and a grant from the Garfield Weston Trust

4. In order for the mortgage company to go ahead and provide the mortgage it needs reassurance that further funds are available to make repairs to the property, including a significant amount to fund repairs to the roof.

5. The Bridgend is carefully managed and has generated a substantial surplus over recent years. The Town Council are confident that it will continue to generate surplus and it’s overheads will stay broadly similar (after they stop paying rent and start repaying the mortgage and loan)

6. Bollington Town Council foresee no impact on the parish precept. The Council is in a position to borrow from the Public Works Loan Board and immediately pass the interest and capital repayments on to the Bridgend Centre, so in this sense we are a “facilitator” of a loan

7. The only risk to Town Council funds (and therefore the precept payer) is if the Bridgend Centre were to default on payments and the Town Council were unable to recover the capital outstanding from the sale of the building, which we believe to be extremely unlikely (see 2 above)

If you have any comments or observations, please email these to enquiries@bollington-tc.gov.uk. You can also write to:

The Town Clerk

Bollington Town Council

Town Hall

Wellington Road

Bollington

Cheshire SK10 5JR

All comments by Monday 5th November Please

Related News Items

Road Closure - Moss Brow 17th November

Road Closure - Moss Brow 17th November

10th November 2018 | Andrea Paterson

Read more

Bollington's West Ward Election Result

Bollington's West Ward Election Result

1st November 2018 | David Naylor

Read more

Share this article?

If you find this article interesting, why not share it with your friends?

Email newsletters

Sign-up to our regular newsletters for latest news and events.

Subscribe

Have Your Say

Submit your views and comments here, we’d love to hear from you!

Voice your views

History & Heritage

Read about Bollington’s interesting history and uncover our heritage.

Discover Bollington

Your Council

Read about the latest developments in the Bollington community.

Read more

Contact Us

Need a telephone number? Want to know where we are on the map?

Contact us