Issue - meetings

That:

1)        the utilisation of the following S106 contributions from developers on the community facility jointly delivered by Wokingham Borough Council and Shinfield Parish Council on the former Royal British Legion site in Shinfield be agreed:

(a)       £1,136,000 from the S106 funds for community facilities in the SM4 development area; and

(b)       up to £1,000,000 from the S106 fund for leisure and community facilities in the SM4 development area.

2)        the Director of Finance and Resources be authorised to forward fund the scheme through borrowing;

3)        it be noted that the interest costs will be funded by the reserve for infrastructure 'bridging loans' if it cannot be accommodated within existing Treasury Management budgets.  The borrowing costs are estimated to be £75K if the scheme is commenced in 2016/17 or £23K if the scheme is commenced in 2017/18. 

The Executive considered a report proposing the utilisation of S106 contributions from developers to jointly deliver with Shinfield Parish Council a community facility on the former Royal British Legion site in Shinfield.

Members were advised that Shinfield Parish Council had worked with developers to develop their own district centre which would be delivered jointly with Wokingham Borough Council and this was a really good example that could be replicated by other areas in the Borough.

It was noted that the interest costs would be funded by the reserve for infrastructure ‘bridging loans’ and realistically it was likely that the scheme would not commence until 2017/18 therefore the borrowing costs were likely to be £23k.

Councillor Haitham Taylor congratulated Shinfield Parish Council on the work they had undertaken to buy the Royal British Legion site in order to progress this proposal and to get contributions from the developer in order to put the new community centre in a place that was much better suited than was originally proposed and produce a design that would much better suit the community.

RESOLVED That:

1)        the utilisation of the following S106 contributions from developers on the community facility jointly delivered by Wokingham Borough Council and Shinfield Parish Council on the former Royal British Legion site in Shinfield be agreed:

(a)       £1,136,000 from the S106 funds for community facilities in the SM4 development area; and

(b)       up to £1,000,000 from the S106 fund for leisure and community facilities in the SM4 development area.

2)        the Director of Finance and Resources be authorised to forward fund the scheme through borrowing;

3)        it be noted that the interest costs will be funded by the reserve for infrastructure 'bridging loans' if it cannot be accommodated within existing Treasury Management budgets.  The borrowing costs are estimated to be £75K if the scheme is commenced in 2016/17 or £23K if the scheme is commenced in 2017/18.