Provision of Loan Funding to Support a Key Regeneration Priority in Friargate
Report of the Director of Property Services and Development and the Director of Finance
(Listing Officer: A Hunt, Tel: 024 7697 6853)
Additional documents:
Minutes:
Further to Minute 93 above, the Cabinet considered a joint private report of the Director of Property Services and the Director of Finance which sets out the commercially sensitive aspects of the provision of loan funding to fund the development of a hotel in Friargate.
RESOLVED that the Cabinet :-
1) Approves the Council entering into a loan facility agreement with Castlebridge for up the amount as detailed in the report to be used solely as development finance for the delivery of the hotel in Friargate, Coventry.
2) Delegates authority to the Director of Finance (S151 Officer) and the Director of Law and Governance, following consultation with the Director of Property and Development Services, the Cabinet Member for Jobs and Regeneration and the Cabinet Member for Strategic Finance and Resources, to undertake the necessary due diligence and approve the terms of the loan funding agreement and, thereafter, enter into any associated legal agreements that are necessary to give effect to the recommendations within this report.
3) Delegates authority to the Director of Finance (S151 Officer) and the Director of Law and Governance, following consultation with the Director of Property and Development Services, the Cabinet Member for Jobs and Regeneration and the Cabinet Member for Strategic Finance and Resources, to manage the loan facility. The authority under this recommendation shall include the power to negotiate and agree subsequent variations to the terms of the loan facility.
4) Recommends that Council:
a) Approves a loan as detailed in the report to be added to the Council’s Capital Programme as appropriate and used to provide a loan facility agreement with Castlebridge for the delivery of the hotel in Friargate, Coventry.