At a meeting held on Thursday evening, the council acknowledged that the cost of the project would be financially reckless.
The following motion was agreed by Beverley Town Council at a meeting on 2 January.
“This Council values the feasibility report undertaken to create a community hub for Beverley in the old St Nicholas’ school building.
“However, this Council believes that the financial risk of borrowing up to 2 million pounds to complete this project is considerably more than originally envisaged. It would be financially reckless and would burden the Beverley taxpayers for decades to come.
“This Council, therefore, resolves to inform ERYC that we are not in a position to commit to this project.”
Speaking on behalf of the majority Liberal Democrat group, Cllr Denis Healy said;
‘We owed it to the community to really try and assess the possibility of saving St Nicholas’s school for the community. The vision was there, but in the end, it all came down to economic reality.
“The Consultant’s report that we commissioned, showed that the building was in such an advanced state of disrepair, that it would have cost 1.9 million pounds to carry out the necessary refurbishments. That’s in addition to the cost of buying the building from East Riding of Yorkshire Council.
“That’s all money that the Town Council would need to borrow, and it would have taken decades to repay it. We have to be financially responsible with taxpayers’ money, and the public of Beverley wouldn’t have thanked the Town Council for tying a financial noose around their necks with mountains of debt for decades to come.
‘Town Councillors have a responsibility to be financially prudent. We have been entrusted with Beverley’s public finances, and whilst it would have been fantastic to realise the dream of a community hub in a much-loved building, public borrowing on such a vast scale would have been reckless in the extreme, and not something that a responsible Liberal Democrat administration is prepared to countenance.”
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