Investing in Trowbridge.
Trowbridge Town Council has undertaken long-term investments in the town to provide improved facilities.
All the investments has been achieved by taking out long-term loans (30 to 50 years) through Government finance (the Public works loan Board), together with grant funding from external organisations. The Government has to approve any loans to ensure they are for the benefit of the community and affordable. The interest on the loans is below the market rate and fixed. So providing a safe, affordable source of finance for local authorities to undertake long-term community improvements.
The towns accounts are examined annually by external independent auditors to ensure they are sound and acceptable.
Below is the list of investments and benefits.
Provide a modern Regional Conference centre with flexible spaces and Town Council Offices. The venue provides a large entertainment, conference, wedding space not available in the Town, that is capable of bringing well known entertainment names and is suitable for use by local businesses and family celebrations. Money previously spent by the Council renting Offices and repairing the old building are now used to pay back the loan.
The Civic centre's construction was also a key factor behind L&G's decision to commit millions of pounds of additional private investment that resulted in the development of the cinema complex, next door in St Stephen's place. Creating more jobs, restaurants and cafes. This in turn led to the regeneration of the adjacent Cradle Bridge site with M&S and other food outlets and provides sound evidence for further development with private finance.
Provision of dedicated football pitches for adult and youth football teams. With the rents paid by the users covering the loan interest.
The expansion of the Museum that provides a focus on the Town's rich history, particularly as centre for woollen industry. Unlike Devizes and Salisbury this museum receives no financial support From Wiltshire Council.
The project brought in £1.37m in grant funding from the lottery fund and local benefactors.
Provided Town owned facilities close to the park to store and maintain the Town Council equipment used in maintenance of park and play areas and Active Trowbridge sports. It is future proofed for the Council's move to electric vehicles, with the loan paid back using previous rent money.
The cost of annual repayment for 21/22 is £360,000
There is also a plan to provide all weather playing surfaces at Doric Park (next to Trowbridge Rugby Club). This project will cost about £3m, with £800,000 external funding in grants (including the FA) and a loan of £2.2m to be paid back over 30 years. It will provide facilities not available for clubs and community organisations, with availability every day and night, 7 days a week. The business plan is for the cost of the loan to be paid for by groups renting the facility. Current estimates put rented usage at about 84%.