Update on the Redevelopment of 5-7 Church Street
1. PUBLIC WORKS LOAN BOARD (PWLB) LOAN: At its meeting of 3rd July 2019, this Council resolved to seek the approval of the Secretary of State for Housing, Communities and Local Government to apply for a PWLB loan of £200,000 over the borrowing term of 30 years for the purpose of undertaking major improvements to the 5-7 Church Street building. The annual loan repayments will come to around £9,490.80. Council RESOLVED (Min20/095) to approve the revised wording in line with the Ministry of Housing, Community and Local Government requirements. NOTE: the loan will only be taken up if the tenders received fall within the £200,000 budget (this doesn’t include VAT which will be reclaimed)
2. 2021/22 INCREASE TO PRECEPT FOR THE PURPOSE OF THE LOAN REPAYMENTS ON 5-7 CHURCH STREET: The Council intends to increase in the Council Tax precept for the purpose of the loan repayment of 4.25% which is the equivalent of an additional £3.72 (per household) a year. This has already been the subject of a precept increase consultation (the results of which were publicised).
3. TENDER SPECIFICATION: Consultants were appointed to write the specification and carry out the pre-tender checks e.g. Asbestos, Structural work (to ensure there will be sufficient support once the stairs have been moved from the centre of the room). Pre-tender expressions of interest were invited (using the Local Government Shared Services Procurement Services (LGSS)) during Feb/March which resulted in 30 expressions of interest. It is envisaged that the Invitation to Tender will be ready during the week of 6th July 2020. The tender will be open for four weeks and (subject to tenders being within the allocated budget) work is scheduled to start on site 1st September 2020. The redevelopment will take approximately 6 months.
For further information, please see minutes of the Property Development Committee meetings: http://www.stonystratford.gov.uk/town-council-meetings/property-development-committee or contact our Town Clerk, Lynne Compton on either firstname.lastname@example.org or 01908-566726
1st July 2020