The cash is needed to support a £20m bid for levelling up funding from the Government.
The £20m of levelling up funding would be used to help fund the redevelopment of Pavilion House and the former Comet building.
But additional borrowing would still be required as the borough council's head of projects - Chris Bourne - told the cabinet.
The £13.8m of borrowing will allow £12.4m of funding to go towards the redevelopment of Pavilion House as a public sector hub and £3.8m towards the redevelopment of the former Comet corner building, both of which were purchased by the council last October.
Speaking at the cabinet meeting on Friday 1 July, Council Leader, Cllr Steve Siddons, said the Station Gateway project was
“a significant investment in the town and it could be 60, 70, 80 million pounds by the time it’s finished.”
He added that
“the money we’ve got is taking us a long way to that, but we do need more, and it’s important that the proposals we’re being asked to approve today are not taking risks with the public purse.”
Borough Council Head of Projects - Chris Bourne - says the borrowing will be covered by rental fees from the refurbished Pavilion House and the former Comet building.
The cabinet approved an “in principle” loan of £13.8m as it was required in support of the Levelling Up Funding application.
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