Decision Maker: Executive Board
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Executive Board will consider a proposal for the Council providing a loan facility, in order to help facilitate the delivery of the White Rose Railway Station
The Director of City Development submitted a report outlining a proposal for the Council to provide a loan facility to Munroe K, in compliance with subsidiary control, to finance Munroe K’s maximum contribution towards the scheme as presented, with the report also seeking the related necessary approvals to help facilitate this proposal.
Following consideration of Appendix 3 to the submitted report designated as being exempt from publication under the provisions of Access to Information Procedure Rule 10.4(3), which was considered in private at the conclusion of the public part of the meeting, it was
(a) That approval be given for the Director of City Development, in consultation with the Chief Officer Financial Services and the Executive Member for Resources, to develop and enter into a Loan facility Agreement of up to £4.5m with Munroe K, as per the Heads of Terms and principles detailed within exempt appendix 3 to the submitted report;
(b) That approval be given to inject £4.5m into Capital Scheme Number 32774/WHI/000 in order to finance the loan facility; and that approval be given for the necessary authority to be delegated to the Director of City Development and the Chief Officer Financial Services to enable the Director and Chief Officer to provide ‘authority to spend’ up to that amount in order to provide the loan, subject to the completion of legal agreements with Munroe K;
(c) That a future paper on the delivery of the economic masterplan and emerging spatial masterplan at the White Rose Park be submitted to the Board in due course.
Reason Key: Financial Impact>£500K;
Wards Affected: Beeston and Holbeck; Morley North;
Portfolio Holder: Executive Member for Resources
Other reasons / organisations consulted
Ward Member briefings
Local Ward Members
Contact: Lee Arnell, Principal Regeneration Officer 0113 378 7717 Email: email@example.com.
Report author: Lee Arnell
Publication date: 07/07/2021
Date of decision: 23/06/2021
Decided at meeting: 23/06/2021 - Executive Board
Effective from: 03/07/2021