Time to Say Yes – WiNSpace

A big thank you to everyone who completed the survey
Click here to see our post with a summary of the result

Please read on to find out more about the survey and the reasons why the request has been made

As part of the WiNSpace Business plan for funding the £2M re-development cost for the Community Centre we have asked the local Parish Council if they could financially support the project in two ways:

Firstly via a grant or in other words a gift to the community and

Secondly via providing a loan which the Community Centre would pay back

The amount which the WiNSpace committee have asked for is £250,000 for the Grant and £250,000 for the loan. Both these amounts would be raised by the Parish Council using a Government loan scheme called Public Works Loan Board (PWLB) which provides Local Authorities the ability of raising funds at low fixed interest rates, repayable over a number of years.

Under the current proposal, both the grant and loans from the PWLB would be repayable over 30 years at an estimated cost of £12,500 per year, however this is dependent on the interest rate at the time of the application. For the WiNSpace loan the amount would be paid back via the Community Centre income. Whereas the Parish Council Grant would be paid back their loan via increasing the amount of the local council precept tax paid by each household by roughly £6 per year.

For the Parish Council to start formally looking into the grant and loans they need to know what the level of support for the improved facilities is across the whole of the Winscombe and Sandford Parish. Therefore they are going to have a survey detail of which is going to be in the Parish’s Occasional Newsletter which will be circulated in early June.

So why do we need the Parish Council to provide funding?

The estimated cost of the Project is £2.2M of which we already have identified over 30% (in green).  So we are now looking for the next section of funding which is what the Parish Council survey is all about.  As a reminder, WiNSpace are asking for two loans of £250,000 each, a Parish Council funded loan repaid through an increase in the Parish council charge (estimated at £6 per household per year) and the other repaid by the WCA, both repaid over 30 years, just like a mortgage.  The next major funding source for the project is a National Lottery Grant of £0.5M, for which an application has been submitted. 

Therefore, it is clear to the WiNSpace project team that if the PC gets a negative response either by a small return or by only a minority in favour, it is likely that also the National Lottery Grant won’t happen leaving us £1M short and a likely end to the WiNSpace project as we know it. (hence the ‘No’ dead end in the graphic for the posters)