Decision details

Consideration was given to the commercially sensitive information in relation to Item 18: Capital Investment at the Bluecoat School.

Resolved:

That Cabinet approves the funding of the capital project, detailed in the report, in the sum of £3.5m; of which:

a.    The Council should fund £1.169m (33.4%) through a direct grant award to Cranmer Education Trust (CET) from the Council’s Basic Need allocation.

b.    The Council should fund £1.84m (52.6%) through a loan to CET from the Council’s Basic Need allocation.  This loan would be repayable from CET to the Council over a term of ten years at a non-commercial rate of interest. 

c.    CET should directly fund £0.491m (14%) directly from Trust finances from the outset of the project.