Capital Investment at the Bluecoat School
To consider the recommendations in the confidential report.
Minutes:
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.