Coombe Abbey Park Ltd - Shareholder Refinancing Proposal
Report of the Director of Finance
(Listing Officer: P Helm, Tel: 024 7697 2092)
Minutes:
Further to Minute 94 above, the Cabinet considered a report of the Director of Finance which detailed the commercially sensitive aspects of the refinancing proposals relating to Coombe Abbey Park Limited.
RESOLVED that the Cabinet recommends that Council:-
1) Approves the use of its powers under the Localism Act 2011 to provide a Loan up to the sum as detailed in the report to Coombe Abbey Park Limited (CAPL) on the commercial terms as detailed in the report.
2) Approves CAPL as the authority to set up two company subsidiaries to help support the business plan as further set out in the report.
3) Delegates authority to the Director of Finance (S151 Officer) and the Director of Law and Governance, following consultation with the Cabinet Member for Strategic Finance and Resources, to finalise and agree the detailed terms of the transaction with CAPL. The authority under this delegation shall also include the power to enter into the necessary legal agreements and subsequently the power to negotiate and agree any such variations as is deemed necessary to the terms of the loan facility and ancillary security documents.