At a cabinet meeting on Wednesday 10 September, Borough Council members approved the allocation of a ‘third party’ loan to the University of Northampton, funded through borrowing from the Public Works Loan Board (PWLB) to develop the new Waterside Campus.
The money was secured from the PWLB after a successful bid by the South East Midlands Local Enterprise Partnership (SEMLEP).
The £46 million will be added to the £14 million that is being loaned to the University by Northamptonshire County Council, also funded from the PWLB.
Vice Chancellor Nick Petford, said: “We are delighted Borough Council members have approved the PWLB loan agreement. This funding is part of a much larger financial package that will transform the Avon Nunn Mills brown field site into a vibrant state-of-the-art university campus.
The new Waterside Campus, which will be open ready for the academic year 2018, will include student facilities, commercial space and retail space that will be accessible to the local community.
The new Waterside Campus, which will be open ready for the academic year 2018, will include student facilities, commercial space and retail space, alongside facilities accessible by the local community.
Councillor David Mackintosh, leader of Northampton Borough Council, said: “The University’s plans are gathering real pace and we are more than happy to support that in any way we can.
“Northampton is experiencing unprecedented regeneration and progress, and a new, state-of-the-art university will be vital in supporting our very ambitious businesses to continue operating at a global level.”