TOWN Hall chiefs are set to approve extending the ‘availability period’ of a loan facility.

At its meeting on Monday, the council’s cabinet is recommended to approve the council extending the ‘availability period’ of a £10 million facility with the Cheshire and Warrington Local Enterprise Partnership (LEP) for three years, so that it expires on October 31, 2026.

A report to cabinet says: “This is a facility agreement dated 19th October 2020 whereby the council, along with Cheshire West and Cheshire and Cheshire East Councils, entered into a loan facility agreement for £10m each, to fund development with the Enterprise Zone (EZ).

“In July 2019, the council approved a loan to the LEP to create an individual facility for each Cheshire authority. Along with the other authorities, the council agreed on the merits of utilising PWLB funding to pump prime development in the EZ to maximise business rate retention.

“The availability period of this loan (the period in which the borrower can draw down) was three years from 19th October 2020 and therefore this expired on 19th October 2023.

“The proposal is for each of the three local authorities to extend the availability period of the £30m borrowing facility with the LEP for an additional three years so that it expires on 31st October 2026. The split will be kept at £10m per authority.”