Decision details

Approval of Funding for the BID project OCT20/CMDN/41

Decision Maker: Cabinet Member for Finance and Corporate Governance

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

The Cabinet Member:

 

1.    Approved a loan facility to Peterborough Positive Limited to enable them to finance the development costs of the Peterborough Business Improvement District

2.    Authorised the Director of Law and Governance in consultation with the Acting Corporate Director Resources, to enter into such legal agreements as may be required to give effect to the recommendation above and the development and operation of the Business Improvement District.

 

Reasons for the decision:

The Council has agreed to provide financial support by way of a Loan to the BID Proposer in its efforts to establish a BID in Peterborough.  To provide financial support by way of a loan facility will ensure those costs will be repaid over the term of the BID if the ballot is successful.

 

Alternative options considered:

Do Nothing

The Council could choose not to finance this project.  This was rejected as this loan will enable the BID company to progress the BID project up to the operation of the ballot.

 

Interests and Nature of Interests Declared:

None.

Background Documents:

Cabinet Report 19 November 2018 – Peterborough Business Improvement District (BID) Development

Cabinet Report 18 November 2019 - Peterborough Business Improvement District (BID) Update Report and Proposed Next Steps

Publication date: 27/10/2020

Date of decision: 27/10/2020

Effective from: 31/10/2020

Accompanying Documents: