Council agree over £588,000 in loan sanctions
During a recent Corporate and Central Services Meeting, members heard that the loans included 250,000 for the Robert Dunlop Memorial Garden, 49,236 for the upgrading of facilities at the Joey Dunlop Leisure Centre and Riada Stadium plus 28,994 for replacement litter bins and 36,996 for replacement IT equipment.
The report explained: “The following Loan Sanction applications were considered.
Advertisement
Hide AdAdvertisement
Hide AdI. Provision of a Robert Dunlop Memorial Garden. Estimated cost 250,000. Loan to be repaid over 30 years.
II. Replacement IT Equipment. Estimated cost 36,996. Loan to be repaid over 3 years
III. Replacement Plant and Vehicles. Estimated cost 42,095. Loan to be repaid over 7 years
IV. Replacement Litter Bins. Estimated cost 28,994. Loan to be repaid over 10 years
Advertisement
Hide AdAdvertisement
Hide AdV. Upgrade of Facilities at Joey Dunlop Leisure Centre and Riada Stadium. Estimated cost 49,236. Loan to be repaid over 10 years
VI. Riada Stadium. Estimated cost 39,749. Loan to be repaid over 20 years
VII. Replacement Roof at Knock Road Depot. Estimated cost 28,724. Loan to be repaid over 20 years
VIII. Provision of Carpark at Rasharkin Cemetery. Estimated cost 12,660. Loan to be repaid over 20 years
Advertisement
Hide AdAdvertisement
Hide AdIX. Provision of Crosstagherty Civic Amenity Site Bunkers. Estimated cost 15,765. Loan to be repaid over 20 years
X. Refurbishment of Town Hall. Estimated cost 9,357. Loan to be repaid over 20 years
XI. Refurbishment of Killyrammer Community Centre. Estimated cost 75,000. Loan to be repaid over 20 years
“Loans (II) to (XI) relate to the re financing of capital expenditure so that funds are available to match the landfill site closure and aftercare costs provision rather than putting the cost directly on the rates.
Advertisement
Hide AdAdvertisement
Hide Ad“The Head of Finance & IT clarified the terms and conditions applicable to the loan applications and the drawing down of funds. He responded to questions from members on the impact of loan sanctions on rates and advised that an annual total repayment amounted to 1% (approximately 40,000). Officers will report back to committee prior to draw down of loans regarding other potential options.
“It is recommended that an application is made to the Department for Loan Sanction approval for the projects.”
It was proposed by Cllr Anita Cavlan, seconded by Alderman Harry Connolly that an application is made to the Department for Loan Sanction approvals as detailed in items 1 – X1 above.