PROVISION OF A BUSINESS LOAN
(This item to be considered in
private by virtue of Paragraph 3 of Schedule 12a of the Local
Government Act 1972 as the report contains information
relating to the financial or business affairs of any particular
person (including the authority holding that information))
It is considered on balance
that the public interest would not be served by publishing the
information as it could prejudice the applicant’s proposed
investment.
Notification has been given on the 10 February
2020 that this item was to be considered in private and no
representations have been received in response to this
notification.
Additional documents:
- Restricted enclosure 2
- Restricted enclosure 3
Decision:
The Executive resolved
as follows:
-
That under Section 100 (A) of the Local Government
Act 1972, the public be excluded from the Executive meeting during
consideration of this item and decision on the grounds that it
would involve the likely disclosure of exempt information as
defined in paragraph 3 of Part 1 of Schedule 12A of the Act,
namely information relating to the financial or business affairs of
any particular person.
-
To authorise in principal the
provision of business loan and the changes to the previously
approved loans in the terms as outlined in the exempt report to the
Executive.
-
To delegate authority to the Chief Executive after
consultation with Officers on the Business Loans Panel and
completing due diligence to finalise specific terms of the loan
including appropriate interest rate, repayment conditions and legal
conditions, plus any related fees to be applied.
-
To authorise the Head of Legal Services to ensure
that the appropriate legal documentation for the loan facility and
associated security charges are put in place.