Councillors in Gillingham have voted to move ahead with the purchase of the Roman Business Centre in Peacemarsh after the government approved a £345,000 public loan to finance it.
The premises, which are being bought at an overall cost of £385,000, are to be used as the council’s workshops.
At an extraordinary full council meeting on Tuesday 1 September councillors agreed to authorise the mayor and town clerk to exchange contracts on the property, and also to use £38,500 from the council’s ‘earmarked reserves budget’ to pay for the deposit.
Councillors had earlier heard that the total interest payments on the loan over 23 years and five months will be £115,222.62. The loan is coming from the Public Works Loan Board (PWLB) at an interest rate of 2.54 percent.
The initial decision in principle to go ahead with the purchase of the workshop site – which the council believes will be cheaper than its existing rented option – was taken at a meeting in June.