Agreement to support Trust with £300k loan
Northumberland County Council's decision-making cabinet has agreed to give a £300,000 loan to Calvert Trust Kielder so it can buy staff accommodation.
Approved at its meeting on Tuesday, the proposal is for the Calvert Trust to purchase two staff houses in or around the village of Kielder, which will allow the Trust to free up two chalets for rental.
A report explains: ‘Although the scheme costings cannot be finalised until the exact properties to be purchased by the Trust are identified, an estimate can be made based on market rental values. The scheme is estimated to generate approximately £89,000 additional income through rental from the two vacated chalets.’
The total cost is estimated to be £450,000 with the other £150,000 coming from the Trust’s own resources.