Agenda item

That delegated authority be given to the Executive Director of Place, after consultation with the S151 and Monitoring Officers, to:

(a)  grant consent for disposals of individual flats and commercial leases and release of property charges, having first ensured that appropriate market valuations  and terms have been secured and that minimum loan to value ratios are maintained as set out in the Facility Agreement;

(b)  amend the SUR Old Library (Residential) Facility Agreement to enable the offsetting of current costs against current revenues; and

(c)  vary the loan repayment amounts and dates to take into account the prevailing sales strategy.

The Executive Director of Place introduced a report that sought agreement to give delegated authority to senior officers to approve disposals under the Facility Agreement for the 64 unit residential element of the Old Library Site project. Authority was also sought to make variations to the terms of the Facility Agreement to enable offsetting of outgoing costs against incoming revenue receipts and to vary loan repayment dates and amounts.

The Facility Agreement included provision for a loan facility to Slough Urban Renewal Old Library (Residential) LLP of up to £10.76m of which circa £9m had been drawn down. The recommendations would simplify the process for sales of the residential units so that individual decisions wouldn’t be required for each disposal.

The Cabinet agreed the proposed changes would streamline the process and enable the Council to approve disposals or release charges in a more cost and time efficient manner than the current Facility Agreement permitted. The recommendations were agreed.

Resolved –  That delegated authority be given to the Executive Director of Place, after consultation with the S151 and Monitoring Officers, to:

(a)  grant consent for disposals of individual flats and commercial leases and release of property charges, having first ensured that appropriate market valuations  and terms have been secured and that minimum loan to value ratios are maintained as set out in the Facility Agreement;

(b)  amend the SUR Old Library (Residential) Facility Agreement to enable the offsetting of current costs against current revenues; and

(c)  vary the loan repayment amounts and dates to take into account the prevailing sales strategy.