SWAFFHAM TOWN COUNCIL – PRESS RELEASE FOR IMMEDIATE USE

SWAFFHAM TOWN COUNCIL – PRESS RELEASE FOR IMMEDIATE USE

It was unanimously agreed at an extraordinary meeting held at the Town Hall on 16th August 2018 for Swaffham Town Council to seek the approval of the Secretary of State to the Ministry of Housing, Communities and Local Government for the consent to borrow and apply for a Public Works Loan Board loan for up to £6,000,000 (six million pounds) up to 10 years, for the purpose of raising capital funds to service the development of Days Field into residential housing. The Council will be using the General Power of Competence to develop and manage this project. The annual loan repayments will come to around £633,375.

The Mayor Cllr Colin Houghton stated:

“This is an exciting project for the Town, which can leave a legacy in the form of capital monies received to invest back into the Town in addition to eight houses (cash + houses approx. £2 million in value) which can also bring the Town substantial revenue income for many years to come. It will be our first use of the General Power of Competence and if the consent to borrow is granted by the Ministry, it will keep the Council in total control of this project from start to finish. The main objective is to create a nice development of 51 properties on the Council’s land, costing the Council Tax Payer nothing, both now and in the future. The ultimate prize is for the Council to have assets that earn the Town money, subsidising the Council Tax Payer.”

A second resolution was also agreed at the same meeting by Swaffham Town Council to make full enquiries with their solicitors subsequent to the consent to borrow being granted by the Ministry of Housing, Communities and Local Government for £6,000,000 (six million pounds). For the Town Clerk to prepare a draft cost plan and projected income. For a procurement tender specification to be drawn up professionally by a Quantity surveyor and to verify (amend) the Town Clerk’s draft cost plan and projected income. For the Town Council to decide whether to proceed by drawing down a Public Works Loan in stages over a three-year period.

The Town Clerk Richard Bishop stated:

“There is a long way to go, but we have been working behind the scenes to cut through all the red tape. Managing the development of Days Field from beginning through to building the final house, borrowing money in the process, is in fact the least risk option considered. There are a lot of hoops to jump through before we get to start work on site, but Councillors have been brave in taking this decision. Professional advice is needed every step of the way, and the Secretary of State still must give consent to borrow the money needed, before the Council can finally decide to draw down the loan. If the aim at the outset is to not cost the Council Tax payer money to deliver this project, the bonus of delivering it, will be that the extra income will save the Council Tax payer money year after year.”

If you require any further information, please contact

Richard Bishop (Town Clerk), Town Hall, 4 London Street, Swaffham, Norfolk, PE37 7DQ. Telephone 01760 722922

E-mail: townclerk@swaffhamtowncouncil.gov.uk