Issue - meetings

     Report by Executive Director Alistair Cunningham OBE.

Cllr Philip Whitehead, Leader of the Council, presented a report seeking a loan facility to Wiltshire college to enable them to complete their campus redevelopment.

The report indicated that Wiltshire College is redeveloping the Salisbury and Lackham College sites to both improve facilities and extend the post 16 education offer.

Resolved:

1.    To agree to provide a loan facility of £ 2.5 million to Wiltshire college subject to obtaining required security for the loan.

2.    To delegate the detail of the security required and the commensurate interest to be charged on the loan to the Director of Finance and Procurement in consultation with the Leader of the Council and Cabinet Member for Finance, Procurement and Economic Development.

3.    To delegate to the Director of housing and commercial development the authority to secure the charge on the security offered by Wiltshire college for the loan.

Reason for Decision:

The proposals will enable Wilshire college to secure the remaining funding that they require to complete the redevelopment of their campus. In turn this will enable Wiltshire to offer courses to the benefit of young people in Wiltshire as well as enable the Council to generate a return on the loan commensurate with the risk that is presented.