Resolved:

That a loan of £100,000 to the Atlantic Racquet Centre with the following terms be recommended to Full Council:

a) a. Repayment term of 10 years with repayments commencing when the first loan has been repaid in full.

b. Interest rate chargeable at PWLB 10 year annuity rate at the time of approval

c. Early repayment of the loan should the Daddon Hill Section 106 monies be released.

b) As the loan to ARC is classed as Capital expenditure that formal approval is given to increase the approved capital program by £100,000.

(Vote: For – unanimous)