Council backs football club
13 January 2014Waipa District Council will guarantee a $75,000 bank loan to help the Cambridge Football Club expand its changing room and storage facilities.
The project will help the club cope with its growing membership as well as improve and upgrade its premises at John Kerkhof Park in Vogel Street.
The club has already fundraised or secured more than $128,000 towards the $200,000 project and the bank loan will enable work to start.
The council is not contributing anything to the $200,000 total project cost. However, because of the council's loan guarantee, the Cambridge Football Club will pay a lower interest rate to the bank.
For some years, Waipa District Council has had a policy that enables it to guarantee bank loans for community-based organisations providing strict conditions are met. The conditions ensure that the council is not unduly exposed to the organisation defaulting on payments and the bank calling in the loan guarantee.
Loan guarantees have previously been provided by the council to the Maungatautari Ecological Island Trust, the Leamington Rugby Sports Club and the Waipa Community Facilities Trust.
ends
Media enquiries: Jeanette Tyrrell (on behalf of council) 027 5077 599