Decision Maker: Chief Operations Officer
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
To increase the annual repayment for borrowing by £38k, funded via the Skills and Learning service’s revenue budget, to secure additional PWLB borrowing of £356k based on a current 10-year PWLB rate of 1.67% (after 0.2% certainty rate reduction), to fund the capital works required to convert 6 retail units into an adult education centre.
The decision has been taken by the Corporate Director under delegated authority.
The Council will:
• Secure 6 Dolphin Centre units as a suitable alternative site for Skills and Learning
• benefit from the 10-year rent free lease option with £400k contribution to the costs of the conversion works from Legal and General
• progress the ambitions and maintain the interdependencies with other town centre regeneration initiatives to increase footfall into the Poole Town Centre.
• support economic recovery and good mental health by providing a modern skills centre delivering a diverse range of employability, vocational, personal development, and well-being courses
• free up Oakdale sites 1 and 2 for housing subject to detailed design.
• mitigate the costs of essential maintenance and repairs to the Oakdale Centre estimated at £1m+ over 15 years
• Enable the Construction works team to commence works to ensure completion for the new year amid a very tight programme of works across the corporate estate.
Publication date: 14/07/2021
Date of decision: 12/07/2021