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Funding

New Sports Centre Funding

Potential funding for the new sports centre has been identified from a number of sources. These include:

Parish Council reserves: The Parish Council has earmarked £250,000 of reserves to be put towards the new sports centre fees for searches, surveys & planning.

Section 106 contributions: A maximum of around £1.2m from the monies from the six sites in the village for community facilities and outdoor sports provision will be used for the new building and are actually awarded to the project.

Borrowing: The remainder of the costs will hopefully be funded by borrowing from the PWLB. Based on current interest rates the annual cost of borrowing £2,000.000 repayable over 25 years, would be around £150,000 per annum. To off-set the cost of borrowing, there would be an increase in Council Tax from all dwellings, this is an increase of £88.00 per Band D Household annually. A £88 increase in the current level of Council Tax for parish purposes would generate an additional £172,000.  

External Funding: To date no significant external funding sources have been identified,. Sport England has no funding streams currently available that align with the project.