Residents for Uttlesford (R4U) has announced a deal that will give Uttlesford District Council a £700,000 financial boost each year.
Cllr Neil Reeve (R4U), who is chair of the UDC Investment Board, said: "Our Residents’ administration at UDC has completed a refinancing deal on funds that were originally borrowed to purchase Chesterford Research Park.
"A very substantial discount of £10.2m was negotiated for early repayment of the outstanding balance of £35.7m.
"As a result, UDC is £700,000 a year better off and has reduced its total borrowing by £10m."
R4U’s Cllr Neil Hargreaves, the UDC portfolio holder for budgets and finances, added: "Government imposed cuts and their block on councils undertaking commercial investments means UDC having to find nearly £7m of savings and new revenue.
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"Blueprint Uttlesford is UDC’s four-year change programme to achieve this while delivering the council’s wide-ranging ambitions for improvements for residents and great services.
"£2m of the requirement has already been achieved in the first year and it is brilliant news that this deal adds another £700,000."
R4U leads both Uttlesford District Council and Saffron Walden Town Council. The party gained majority control of the council in 2019 and retained control in May 2023.
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