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 was across the whole of the Winscombe and Sandford Parish. Therefore they had a survey detail of which was in the Parish’s Occasional Newsletter which was circulated in early June 2021.
A summary of the results are given below or can be found on the Parish Council Website