Coventry Investment Fund: Cathedral Lanes Phase 2
Report of the Executive Director of Place
(Listing Officer: S Weir, Tel: 024 7683 2036)
Minutes:
Place Further to Minute 70 above, the Cabinet considered a private report of the Executive Director of Place that set out confidential aspects of proposals for retrospective approval for a new loan facility to support the second phase of the Cathedral Lanes development.
RESOLVED that the Cabinet:
1) Recommends that Council retrospectively approves the variation, as set out in section 1 of the report, to the previous loan agreement granted to Shearer Property Group in September 2014 for £2million in relation to the refurbishment of Cathedral Lanes.
2) Recommends that Council delegates authority to the Executive Director of Place and the Executive Director of Resources, following consultation with the Cabinet Member for Jobs and Regeneration and Cabinet Member for Strategic Finance and Resources, to manage the new revolving loan facility. The authority under this recommendation shall include the power to negotiate and agree variations to the terms of the new revolving loan facility.