Issue - meetings

Car Park Repayment Agreement

Meeting: 10/09/2020 - Cobtree Manor Estate Charity Committee (Item 113)

113 Car Park Repayment Agreement pdf icon PDF 49 KB

Minutes:

The Senior Finance Manager (Client) introduced his report asking the Committee to formally agree the terms of the repayment agreement in relation to the car park improvement works at Cobtree Manor Park.  It was noted that:

 

·  When the Committee agreed the major improvement works to the car park at Cobtree Manor Park, it was also agreed that the cost (£323k) would be met by the Borough Council and then the Charity would reimburse this sum over a period of five years including interest at 3% (Public Works Loan Board rate of 2% plus 1%) as per an agreed repayment schedule.  The works were completed in April 2019.

 

·  The Mid-Kent Legal Services Team had drafted a formal repayment agreement but in reviewing the documentation had indicated that a formal resolution of the Committee accepting the terms of the agreement was required.  The Director of Finance and Business Improvement had also now formally accepted the terms of the agreement on behalf of the Council.

 

In response to a question by a Member, the Senior Finance Manager (Client) confirmed that the repayment agreement would be signed by the Chairman of the Committee on behalf of the Charity.

 

RESOLVED:  That the terms of the repayment agreement in relation to the car park improvement works at Cobtree Manor Park, as set out in paragraph 2.1 of the report of the Senior Finance Manager (Client), be formally agreed.