Decision details

The Executive resolved as follows:

1.      To agree that Appendix 7a, to the Executive report, Company financial projections  is not for publication by virtue of Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972.

2.      To authorise the Director of Resources to arrange a further committed loan facility for the benefit of the Company in the sum of £40.8million. This loan will allow the Company to deliver the plan approved in March 2017 and to cover the period to March 2025, enabling the assembly of a portfolio of circa 950 quality, affordable homes for rent in Inner Blackpool.

3.      To maintain a quarterly monitoring system and allow Public Works Loan Board resources to be transferred to the company over a period up to and including 31 March 2025. 

4.      To remove the £10m per year drawdown limit imposed by the Executive approval for the original tranche of funding (EX32/2015).