Barnet Council entered into a £22.9 Million Loan Agreement plus an amount for fees not to exceed £229,450 with Saracens Copthall LLP for the construction of a new West Stand as part of the StoneX Stadium (formerly Allianz Park Stadium) at Copthall on 29th January 2019.
The new stand will also include a cutting-edge media centre to be used as a ‘Learning Zone’ outside of match days. The charitable Saracens Foundation will work with the council and other partners to use the facility to inspire and support young people and others who are struggling with mainstream education, or who are seeking to develop themselves personally to improve employment opportunities.
Barnet Council has helped facilitate taking the project to this new phase, and releasing drawdowns from the loan funding at agreed stages and undertaking due diligence. Further tranches will be released as confidence grows in the evolving business plan. Interest is charged on the loan at 6% and the loan therefore provides a positive contribution to the Council’s Medium Term Financial Strategy.
The paperwork for each drawdown is published here and will be added to as further drawdowns are made.