Town Council makes offer for 2 Market Square
The Tourist Information Centre (TIC) on Market Square is run by Bishop’s Stortford Town Council and offers advice, leaflets, souvenirs, holiday brochures for many parts of the country and many other services to both residents and visitors.
To secure this service for the future, the Town Council has made an offer to purchase the building (2 Market Square) in which the TIC is located. If the offer is accepted the purchase will be funded in part from a loan (of up to £240,000, the precise value will depend on the final purchase price) and in part from existing funds held by the Council.
If the Council is able to buy the property it will be protected from possible eviction or rent increases in 2019. We won’t need to raise the Council tax to acquire this asset. This is because the cost of the loan repayments (both interest and capital) are covered (to within a very small margin) by savings in rent plus the rent we would receive from Nockolds who occupy the upper floors. Over the 15 year period of the loan we will save approximately £150,000 in rent payments and pay less than £30,000 in interest.
If you wish to comment on this please email the Council at email@example.com