Last night the Parish Council considered the report of the Deputy Clerk and Responsible Finance Officer and passed the following resolution:
- to seek the approval of the Secretary of State for Housing, Communities and Local Government to apply for a fixed rate PWLB loan of £500,000 up to 50 years for the land purchase on which stand the Martello Towers. The annual loan repayments will come to around £18,500. It is intended to increase the precept from 2019-20 by £9.75 (band D) a year for the purpose of the loan repayments;
- that the contract documents be drawn up in as tight a way as legally possible to prevent future development of the site;
- that the budget of £500,000 be used in the following priority order: acquisition of the site; safety access improvements to the woodlands; signage and interpretation; essential repair works to the Martello Towers; and a “sinking fund” for urgent repairs within the first three years;
- that the likely balance of these allocations being £355,000 for the purchase, £25,000 for safety access improvements and signage, £95,000 for essential repair works to the Martello Towers and £25,000 for the “sinking fund”;
- to authorise the Deputy Clerk and Responsible Finance Officer to enter into further negotiations with the vendor in order to see best value which could include a contribution towards the Parish Council’s legal fees.
Those negotiations were concluded this morning and a further £10,000 reduction in price was agreed. The Parish Council will therefore be implementing the above decision to purchase the site at a price of £345,000 subject to contract.