District council loan could secure Exmouth Museum's future
PUBLISHED: 10:46 23 September 2019 | UPDATED: 11:43 23 September 2019
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."