Friday, 24 September 2021
PEPPARD Parish Council is to apply for a £50,000 loan towards the cost of renovating and extending the village sports pavilion.
It hopes the money will come from South Oxfordshire District Council’s community loan scheme or the Government’s Public Works Loan Board.
It will cost about £264,000 to transform the building in Stoke Row Road, which the council owns, with a new roof, large changing rooms, a modern kitchen and better disabled access.
Councillor Joe Berger, chairman of the council’s finance committee, said the council should look to pay off the loan over 15 to 20 years.
He said: “We are going to need about £3,500 a year to pay it off if we borrow £50,000.
“If our precept is £40,000 a year, then we can pay between £2,500 and £3,000 a year for 15 years.
“My thinking is £50,000 over about 20 years and pay about £2,500 a year.
“I think that provides the right balance.”
The parish council will contribute £20,000 itself and apply to South Oxfordshire District Council for a community grant of up to £170,000.
It will also apply for grants from Community First Oxfordshire, the Trust for Oxfordshire Environment and the War Memorial Trust.
The council also hopes to raise another £5,000 by selling a bond owned by the sports pavilion and field charity, which it owns, while the charity itself will apply for grants from the Bernard Sunley Charitable Foundation, the Garfield Weston Foundation and the Chiltern Leader grants programme.
Peppard Stoke Row Cricket Club, the main user of the pavilion, will contribute £31,500 towards the project.
A donation of £1,000 has already been made by Invesco.
23 April 2018
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