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PROVISION OF A BUSINESS LOAN TO BLACKPOOL TRANSPORT SERVICES LIMITED

 

 

Meeting: 14/06/2021 - Executive (Item 5.)

5. PROVISION OF A BUSINESS LOAN TO BLACKPOOL TRANSPORT SERVICES LIMITED pdf icon PDF 474 KB

To consider an application for a Business Loan from Blackpool Transport Services Limited (BTS) towards a contactless payment system installed across its tram and bus network.

 

Additional documents:

Decision:

The Executive agreed the recommendations as outlined above namely:

 

  1. To approve a £550,000 loan towards a £750,000 capital investment in upgrading the Blackpool Transport Services Limited fleet with a contactless payment system. 

 

  1. To agree that the loan agreement will have a loan repayment term of 5 years from initial drawdown.

 

  1. To delegate authority to the Chief Executive to finalise any legal conditions for the loan including the rate of interest.

 

  1. To authorise the Head of Legal to prepare legal documentation for the loan facility and associated security charges.