Issue - meetings

To consider and discuss a loan to Blackpool Housing Company Limited.

 The report for this item is public. However Appendix 7a contains information regarding the negotiations and the proposed or potential courses of action and are currently exempt from publication by virtue of Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972. It is considered on balance that the public interest would not be served by publishing the information as it could prejudice future development.

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      To agree that Appendix 7a, to the Executive report, Company financial projections  is not for publication by virtue of Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972.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