Decision details
Amendment to Peterborough Ltd Loan Facility* - JUN23/CAB/8
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Purpose:
Extension of the current loan facility
provided to Peterborough Limited
Decision:
Cabinet considered the report and RESOLVED to:
1. Approve the amendment to the expiry date of the £1.75m facility with PeterboroughLtd (originally approved by Cabinet in July 2018) from1 February 2024 to 1 February 2029.
2. Authorise the Director for Law and Governance (Monitoring Officer) and Executive Director for Corporate Services and S151 Officer to exercise delegated authority to finalise and agree all necessary legal agreements with Peterborough Ltd for the purposes of facilitating this arrangement.
Reasons for the decision:
The approval of this recommendation will ensure P Ltd have certainty of funding from the Council once the original loan facility expires in 2024.
Alternative options considered:
The Council could refuse to extend the loan facility; however, this would require Peterborough Ltd to seek funding from an external provider which is not efficient for either the Council or its subsidiary
Interests and Nature of Interests Declared:
None.
Background Documents:
Cabinet Report JUL18/CAB/19
Publication date: 19/06/2023
Date of decision: 19/06/2023
Decided at meeting: 19/06/2023 - Cabinet
Effective from: 24/06/2023
Accompanying Documents:
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