Afternoon update
ORANGE City Council will borrow up to $600,000 to install a lift and fire sprinkler system in the first-floor of Leaheys Arcade, to bring the building up to scratch so it can be leased to Phyz X Physiotherapy and Exercise Physiology.
Although the $41,000 in annual rent will go towards loan repayments, the council will be left with a yearly $5000 shortfall while it pays off the loan over 25 years at an interest rate of 5.9 per cent.
Phyz X owner Justin Johnson told Tuesday's council meeting he had asked for a five-year lease on the council-owned arcade's top floor after running out of space at his current site within Orange Central Fitness.
All councillors supported the request and agreed to give Mr Johnson a three-month rent-free period, forgoing around $10,250, while his business' extension is established.
Mayor John Davis and Cr Jason Hamling didn't vote on the proposal citing a declared interest because Mr Johnston had stood for council on their election ticket.
Read the full story in tomorrow’s Central Western Daily.