Agenda item

It was moved by Councillor Swindlehurst,

Seconded by Councillor Mann,

(a)  “That the variation to the Council’s investment strategy, as set out in the report, which will enable (b) and (c) to take place be approved;

(b)  That delegated authority be provided to the s151 Officer after consultation with the Chief Executive and the SRO for this programme (Executive Director - Transformation) to enter into a loan facility agreement with GRE5 for up to £7m (with an option to increase this by up to a further £3m – a maximum of £10m); and

(c)  That a parent company guarantee be provided to SUR LLP in relation to development costs for the replacement of cladding at Nova House that are not funded by Homes England (“HE”).”

The recommendations were put to the vote and agreed unanimously.

Resolved –

(a)  That the variation to the Council’s investment strategy, as set out in the report, which will enable (b) and (c) to take place be approved;

(b)  That delegated authority be provided to the s151 Officer after consultation with the Chief Executive and the SRO for this programme (Executive Director - Transformation) to enter into a loan facility agreement with GRE5 for up to £7m (with an option to increase this by up to a further £3m – a maximum of £10m); and

(c)  That a parent company guarantee be provided to SUR LLP in relation to development costs for the replacement of cladding at Nova House that are not funded by Homes England (“HE”).