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.