Decision details

To approve the transfer of assets (namely, Huntingdon Leisure Centre, otherwise known as One Leisure Huntingdon and the Medway Centre) between Huntingdonshire District Council and Huntingdon Town Council including a contribution of £300k to equalise the property valuation difference, and the provision of an interest free loan to Huntingdon Town Council.

 i.  to transfer the freehold title of the Medway Centre, Medway Road, Huntingdon to Huntingdon Town Council at £1 (if requested);

ii.  to accept the freehold title of One Leisure Huntingdon, St Peters Road, Huntingdon upon transfer from Huntingdon Town Council at £1 (if requested);

iii.  to make a contribution of £300,000 to Huntingdon Town Council, to be restricted to use on capital expenditure (payment being at the point of asset transfer);

iv.  to finance the £300k contribution (ref (iii) above) from the current 2016/17 forecast underspend. If not available at the year-end, then from the Special Earmarked Reserve;

v.  subject to relevant and appropriate security, to grant a concessionary (soft) loan to Huntingdonshire Town Council of £800k for a period of up to 5 years at 0.25% or less (whatever the minimum interest is legally allowed);

vi.  to finance the £800k loan by way of external finance from the Public Works Loan Board; and

vii.  to charge, over the life of the loan (ref (vi) above), the interest to One Leisure (estimated cost over 5 years being £24.2k).

To support the sustainable development of assets for both the local and wider Huntingdonshire community.

None considered.

As detailed in paragraph 9 of the submitted report.