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Evesham Town Council – Public Works Loan Board Consultation
Evesham Town Council is consulting the people of Evesham on its proposal to take out a loan to help fund the purchase of a new premises that will serve as the main Town Council offices.  We want to hear your views on this, whether you support this proposal or don’t.
Below are some questions and answers that will hopefully help you in making a decision.  
How much do we want to borrow?
Evesham Town Council is proposing to borrow £72,500 from the Public Works Loan Board (a statutory body of the UK government) to help finance the purchase of a property 19/20 Vine Street that will serve as the Town Council’s new office.
Why do you need a new office?
The Town Council along with other partner organisations has been given notice that it has to leave the Community Contact Centre by February 2019.  Therefore, the Town Council needs to find new premises.
What options have been considered?
We have considered a number of different options, renting, buying, working from the town hall, moving into the library.
Why 19/20 Vine Street?
19/20 Vine Street (former Word of Mouth Café) was chosen for a number of reasons.  Most notably its prominent location in the centre of the town and within a small distance to the Council’s Almonry Museum and TIC, and the Town Hall.   The Town Council is keen to play a bigger role in the town and being in a prominent location is part of this.  The building offers disabled access a reception area where we can assist members of the public and a meeting room.  It would also bring back in to use a building that is currently unoccupied and be sound investment for the town.  
Why take out a loan and not pay all from reserves?
Approximately half of the cost of moving and purchase will be met by the Council’s reserves.  However, some of this money is earmarked (new cemetery, elections) and the council needs to retain the balance of reserves for planned projects, a contingency allowance for emergencies, and to underwrite cash flow.  Therefore the Council has decided to borrow £72,500.  The cost of financing the loan, which is proposed to pay back over 10 years, is relatively small given that interest rates are low.  The cost is also similar to the cost of renting a simalr premises, except after 10 years the loan will be paid, rather than renting where the cost would be indefinite.  
How much will it cost me?
If you are an Evesham council tax payer then we estimate that this will add on average an extra 90p per annum to your council tax bill (if you live in a home band E or above it will be a bit more, if you live in a home band C or below it will be a be a bit less).  The cost of repaying the loan based on the current rates will be £8,046 per annum.  
Please note the costs are based on the rates at the time of writing and are subject to change.  The estimate on the council tax increase is based on the current year tax base figure and excludes any other budget rises. 
Please let us have your feedback in writing to the Town Clerk townclerk@eveshamtowncouncil.gov.uk by 3 September 2018.  

Evesham Town Council – Public Works Loan Board Consultation

 Evesham Town Council is consulting the people of Evesham on its proposal to take out a loan to help fund the purchase of a new premises that will serve as the main Town Council offices.  We want to hear your views on this, whether you support this proposal or don’t.

Below are some questions and answers that will hopefully help you in making a decision. 

How much do we want to borrow?

 Evesham Town Council is proposing to borrow £72,500 from the Public Works Loan Board (a statutory body of the UK government) to help finance the purchase of a property 19/20 Vine Street that will serve as the Town Council’s new office.

Why do you need a new office?

The Town Council along with other partner organisations has been given notice that it has to leave the Community Contact Centre by February 2019.  Therefore, the Town Council needs to find new premises.

What options have been considered?

 We have considered a number of different options, renting, buying, working from the town hall, moving into the library.

Why 19/20 Vine Street?

 19/20 Vine Street (former Word of Mouth Café) was chosen for a number of reasons.  Most notably its prominent location in the centre of the town and within a small distance to the Council’s Almonry Museum and TIC, and the Town Hall.   The Town Council is keen to play a bigger role in the town and being in a prominent location is part of this.  The building offers disabled access a reception area where we can assist members of the public and a meeting room.  It would also bring back in to use a building that is currently unoccupied and be sound investment for the town.  

Why take out a loan and not pay all from reserves?

 Approximately half of the cost of moving and purchase will be met by the Council’s reserves.  However, some of this money is earmarked (new cemetery, elections) and the council needs to retain the balance of reserves for planned projects, a contingency allowance for emergencies, and to underwrite cash flow.  Therefore the Council has decided to borrow £72,500.  The cost of financing the loan, which is proposed to pay back over 10 years, is relatively small given that interest rates are low.  The cost is also similar to the cost of renting a simalr premises, except after 10 years the loan will be paid, rather than renting where the cost would be indefinite.  

How much will it cost me?

 If you are an Evesham council tax payer then we estimate that this will add on average an extra 90p per annum to your council tax bill (if you live in a home band E or above it will be a bit more, if you live in a home band C or below it will be a be a bit less).  The cost of repaying the loan based on the current rates will be £8,046 per annum.  Please note the costs are based on the rates at the time of writing and are subject to change.  The estimate on the council tax increase is based on the current year tax base figure and excludes any other budget rises. 

Please let us have your feedback in writing to the Town Clerk townclerk@eveshamtowncouncil.gov.uk by 3 September 2018.  

or use the form below to give us your opinion:

Feedback form

 

 

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