District council loan could secure Exmouth Museum’s future

PUBLISHED: 10:46 23 September 2019 | UPDATED: 11:43 23 September 2019

Exmouth Museum. Ref exe 39 17TI 1498. Picture: Terry Ife

Exmouth Museum. Ref exe 39 17TI 1498. Picture: Terry Ife

Archant

A £105,000 loan from the district council could give Exmouth Museum trustees the funds they need to buy its town centre home.

East Devon District Council cabinet is set to discuss whether to give the under threat museum the loan at its next meeting on Wednesday, October 2.

Trustees need to raise £150,000 to meet the asking price from South West Water (SWW) which owns the museum's Sheppard's Row buildings.

According to cabinet agenda papers, £45,000 has been raised so far and the loan would allow the museum to meet the target set by SWW.

Council officers have recommended the cabinet approves the loan.

A report said the council would borrow money from the Public Works Loan Board and enter into a 'back to back' agreement with the museum.

The report said: "There is no grant funding available.

"The council could, at no cost to itself, loan the museum the balance of funds required to purchase the building as long as repayment sums are met by the charity."


If you value what this story gives you, please consider supporting the Exmouth Journal. Click the link in the yellow box below for details.

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad. Coronavirus is one of the greatest challenges our community has ever faced, but if we all play our part we will defeat it. We're here to serve as your advocate and trusted source of local information.

In these testing times, your support is more important than ever. Thank you.

Most Read

Comments have been disabled on this article.

Most Read

Latest from the Exmouth Journal