Decision details

On 22nd January 2019, Cabinet agreed the following:

That Cabinet:-

1. Agreed to a loan from the Property Investment Fund for the remodelling of the Kingsgate Centre in accordance with the details set out in the private appendix of the report;

2. That the Strategic Director, Economy and Infrastructure, in consultation with the Portfolio Holder for Corporate, having sought appropriate advice from the Service Director, Legal, Governance and Commissioning and the Service Director, Finance, be authorised to carry out appropriate due diligence on the proposal to offer a loan from the Property Investment Fund; and

3. That the Service Director, Legal, Governance and Commissioning, be authorised to enter into any documentation required to agree the Property Investment Fund loan and to protect the Council’s position as lender

On 19th January 2021, the following was agreed at Cabinet:

 - That Cabinet agrees to a loan from the Property Investment Fund for the remodelling of the Kingsgate Centre in accordance with the details set out in the private appendix.

 - That the Strategic Director, Growth and Regeneration, in consultation with the Portfolio Holder for Corporate and Portfolio Holder for Regeneration, having sought appropriate advice from the Service Director Legal, Governance and Commissioning, and the Service Director Finance be authorised to carry out appropriate due diligence on the proposal to offer a loan from the PIF, including due diligence on WD’s latest business plan.

 - That the Service Director Legal, Governance and Commissioning be authorised to enter into any documentation required to agree the Property Investment Fund loan and to protect the Council’s position as lender.

The contractual documentation has had to be updated to reflect changes associated with delivering the scheme in a changed wider construction market.

The overall scheme to be delivered remains the same, for the Council this is a restatement of the original facility agreement.

Decision to enter in to updated legal documents relating to a loan for the Kingsgate scheme.