The Parish Council has agreed to seek a loan towards the purchase of the village pub – a recognised Asset of Community Value.
The Parish Council has made the request following the instruction of residents at the Annual Parish Meeting in May 2019 and after consultation with residents over the summer of 2019.
In particular the Council noted that this consultation drew the largest response from residents over the last five years, with 95% of respondents (375 of the surveys submitted) in favour of saving the Air Hostess.
When asked specifically 88% (321) of respondents agreed that the parish council should provide financial support, including borrowing to support the pub project.
Public Works Loan Board Application
At the Tollerton Parish Council meeting of 4 December 2019, it was RESOLVED to seek the approval of the Secretary of State for Housing, Communities & Local Government to apply for a PWLB loan of £265,000 over the borrowing term of 30 years for the power to acquire land (LGA 1972) – Asset of Community Value, Air Hostess Public House, Tollerton. It is not intended to increase the council tax precept for the purpose of the loan repayments.
If you have any views or opinions you wish to feed in, please contact the parish council direct.
The Council acknowledged that in the case of a default by other parties, and if other arrangements could not be made, that it may be necessary to raise the precept to cover the remaining loan repayments. As with any activity carried out by the Parish Council it is recognised that this will always be available as a final option. The Parish Council business case sets out a number of potential financial recovery models and sources of funding to be considered and exhausted first. This leaves an increase in the precept as an option of last resort.