Good news for further education in Rotherham

The loan facility has been made available as part of the college's plans to build a state of the art building at its town centre campus on Eastwood Lane.

The value of the project is £8.15 million in total with funding coming from a combination of a loan of £5million and use of some of the college's own financial reserves to the value of £3.15 million.

The College has an official financial rating of 'outstanding' and this status is the result of prudent management by the College over several years.

The funding arrangements for this project will enable the college to ensure that it maintains its sound financial position and will support the continued growth and success of the college.

Cabinet members agreed to provide access to the loan facility that will be charged at a commercial rate over a 25 year period and is subject to standard security conditions.

The planned new three storey building will be erected on the site of the recently-demolished Floreat House on Howard Street. It will become the main entrance for the town centre campus and provide new state of the art teaching and learning facilities as well as student social space.

Martin Kimber, Chief Executive of Rotherham Borough Council, said he was delighted that members agreed to support the offer of the loan.

He added: "RCAT plays a huge role in the education of both young people and adults across the Borough, which is vital to both the students themselves and to Rotherham's long-term development.

"The college has a good track record of improving performance and so when it made a formal request for access to financial support from the council it was only right that we should work in partnership, which is consistent with Rotherham's Community Strategy."

Elaine Woodhams, Interim Principal and Chief Executive of Rotherham College of Arts and Technology, said: "The college is pleased to have access to this loan facility and is grateful to Cabinet Members for their support for our plans. Governors at the college will now meet at a full Corporation meeting in October and consider the funding arrangements and final proposals for the planned new building.

"A new building in the town centre such as ours is undoubtedly good news for Rotherham and will contribute towards the renaissance of the town centre. Our proposed new building uses modern architecture, construction techniques and materials and is set to become a distinctive feature of the town centre as well as offering excellent functionality.

"We have worked closely with all stakeholders and partners to prepare our proposals for the new building and I am both delighted and grateful for the level of support provided by all parties including RMBC. Projects of this nature can be complex in their planning and the realisation of projects such as ours is testimony to the commitment of everyone involved to make a difference and provide excellent learning facilities for Rotherham."