Loan for Material Recycling Facility
Report of the Managing Director for Coventry Municipal Holding Limited and the Chief Operating Officer
(Listing Officer: P Mudhar – email: parminder.mudhar@coventry.gov.uk)
Additional documents:
Minutes:
Further to Minute 41 above, the Cabinet considered a private report of the Managing Director for Coventry Municipal Holdings Limited and the Chief Operating Officer, which set out the commercially confidential matters relating to a loan for a material recycling facility.
RESOLVED that, the Cabinet recommends that Council:
1) Approve a loan up to the sum indicated within the report on commercial market terms for the purposes of delivering the recycling infrastructure.
2) Approve the addition of up to the sum indicated within the report to the Councils approved capital programme for the purposes of entering into the Loan.
3) Approve the increase in the Commercial Investment Strategy limit for investment in service loans as indicated within the report for 2022/23.
4) Delegate authority to the Chief Operating Officer (S151 Officer) and the Chief Legal Officer, following consultation with the Cabinet Member for Strategic Finance and Resources, to finalise and agree the detailed terms of the transaction with Tom White. 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 documents.