Decision details

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.