Councillors approve Royston market loan plan
- Credit: Archant
Councillors have approved plans for a £300,000 loan to fund the purchase of Royston’s market square.
As reported in the Crow, the town council has been looking to purchase Market Hill, where the market is held, after it was put up for sale.
They are funding the purchase with the loan, and at an extraordinary meeting of the full town council, held on Monday, members voted to proceed with the loan application.
Cllr Bob Smith, Royston’s mayor, said: “It was a unanimous decision to go ahead, and the loan application will now go to the Secretary of State for approval.”
Loan repayments will be funded by an increase in council tax which will see an average Band D property in the town pay £2.43 per annum more.
Cllr Smith said: “We had a vote at the town meeting and it was 30 to two in favour of us buying Market Hill, and we’ve had a lot of other positive correspondence directly and through the press.
“The landlord is being very tolerant while we go through this process. He’s knows the situation and he’s happy to honour our agreement once we have the finance in place.”