Coombe Abbey Park Ltd - Capital Financing and Country Park Investment
Report of the Deputy Chief Executive (Place)
(Listing Officer: A Walster, tel: 024 7683 2621)
Minutes:
Further to Minute 49 above, the Cabinet considered a private report of the Deputy Chief Executive (Place) setting out the commercially confidential matters relating to proposals to proceed with an investment into Coombe Abbey Country Park and Coombe Abbey Park Ltd (CAPL) on a commercial arms length basis.
RESOLVED that the Cabinet:-
1. Delegate authority to the Deputy Chief Executive (Place) to enter into a lease with Coombe Abbey Park Ltd to facilitate the building of a high wires assault course for Coventry.
2. Delegate authority to the Deputy Chief Executive (Place) to negotiate and agree the terms of a lease with Coombe Abbey Park Ltd to facilitate the building of a high wires assault course for Coventry.
3. Delegate authority to the Deputy Chief Executive (Place) to enter into a lease and licence with Coombe Abbey Park Ltd on the existing catering space in Top Pool Lodge to establish a second café for Coombe Country Park and undertake refurbishment works up to the value of £20k to the property to bring up to lettable standard.
4. Delegate authority to the Deputy Chief Executive (Place) to negotiate and agree terms of the lease and licence with Coombe Abbey Park Ltd on the existing catering space in Top Pool Lodge to establish a second café for Coombe Country Park.
5. Recommend to Council that it:
(a) Approves in principle the grant of a capital loan facility up to the sum of £1.95m for Coombe Abbey Park Ltd
(b) Delegates authority to Deputy Chief Executive (Place) and the Director of Finance and Corporate Services (Section 151 Officer) or nominated representative, following consultation with the Cabinet Member for Strategic Finance and Resources and the City Solicitor, to undertake all necessary due diligence and to finalise the terms and details of the loan arrangement and to thereafter manage the loan facility. The authority under this recommendation shall include the power to negotiate and agree variations to the terms of the loan facility.
(c) Approves the addition of £1.95m to the Councils approved capital programme for the purposes of a capital loan facility to Coombe Abbey Park Ltd, financed from capital receipts.