Issue - decisions
FUNDING FORTHE WHOLLY OWNED HOUSING REGENERATION COMPANY
The Executive agreed the
recommendations as outlined above namely:
-
To authorise the Director of Resources to:
-
-
Draw down the funding offered in the Growth Deal of
£26m from the Public Works Loans Board (as outlined in
previous decision EX16/2015) or from another source if that is more
favourable.
-
To transfer money for or pay resources for the
company to carry out the duties it will take over on behalf of the
Council such as Blackpool Lets.
-
Transfer £1.6m of earmarked resources to the
company.
-
Put in place a quarterly monitoring system and allow
the transfer of the above-mentioned Public Works Loan Board
resources to be transferred to the company over a period of 3 years
at a rate of not more than £10m per year. Also to set a commercial loan interest rate for
this money that is greater than that at which
is being borrowed and meets state aid legislation but permits the
activity to take place.
-
To agree in principle to transfer any property that
was acquired for purposes that have now passed to the Housing
Company and note that the terms of each transfer will be subject to
a decision of the relevant Cabinet Member.