Decision details

It will be necessary to retain two of the papers as exempt annexes because they contain information on the heads of terms agreed with Axiom Housing, as well as the legal advice relating to those arrangements. These exempt annexes are NOT FOR PUBLICATION by reason of paragraph 3 of Schedule 12A of Part 1 of the Local Government Act 1972. The public interest test has been applied to the exempt information and it is considered that the need to retain the information as exempt at this stage outweighs the public interest in disclosing it. This is because the information is considered to be commercially confidential, as to disclose may compromise the Councils ability to benefit from similar arrangements in the future. 

The Cabinet Member:

1. Approved the Council entering into a £30 million, 30 year loan agreement with Axiom Housing Association Ltd

2. Delegated to the Executive Director Resourcesthe preparation and conclusion of the legal agreement between the Council and Axiom Housing Association Ltd in respect of the loan.

Approval of this report’s recommendations will allow the Council to make loans to Axiom Housing, providing a return to the Council (noting that first the Council would progress to full loan agreement and valuations before any drawdown can take place).

Do nothing – the Council would not receive a return on its investment, and Axiom would potentially have to pay higher rates in the market, reducing their ability to invest in housing.

None.

None.