Cabinet considered the report and RESOLVED to:
1. Approve a facility of £15m for 24 months to provide funding for the construction of a Hotel on the Fletton Quays site by Norlin Hotels Holdings Limited and its subsidiary Fletton Quays Hotel Limited subject to recommendations 2. and 3. below.
2. Authorise the Interim Director of Law and Governance and Interim Corporate Director of Resources to exercise delegated authority to finalise and agree all necessary due diligence, ground condition survey report and to approve the business case for the project.
3. Authorise the Interim Director of Law and Governance and Interim Corporate Director of Resources to exercise delegated authority to finalise and agree all necessary legal agreements with Norlin Hotels Holdings Limited and associated hotel franchises or otherwise connected to this project for the purposes of facilitating these arrangements.
4. Recommend to Council amendments to the Treasury Management Strategy to include organisations such as Norlin Hotels Holdings Limited and its subsidiary Fletton Quays Hotel Limited as organisations to which the Council is authorised to make secured loans.
Decision type: Key
Decision status: Recommendations Approved
Wards affected: East;
Notice of proposed decision first published: 18/08/2017
Decision due: 25 Sep 2017 by Cabinet Member for Resources
Lead member: Cabinet Member for Resources
Lead director: Executive Director Corporate Services
Contact: Andrew Cox, Head of Energy Programmes 01733 452465, Email: andy.cox@peterborough.gov.uk Email: andy.cox@peterborough.gov.uk Tel: 01733 452465.
Consultation process
Relevant internal and external stakeholders.
Relevant Scrutiny Committee: Growth, Environment and Resources.