Agenda and minutes
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Declarations of Interest None. |
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Addresses and Questions by Members of the Public on the item on the agenda Minutes: None. |
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Councillor Addresses on the item on the agenda Minutes: None. |
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Loan Guarantee re Oxford Harlequins Rugby Football Club. The Head of Financial Services and Head of Community Services have submitted a report to consider a loan guarantee to the Rugby Football Union in respect of a £100k loan to Oxford Harlequins Rugby Football Club.
Recommendations:That the City Executive Board resolves to:
Make a recommendation to Council to provide a loan guarantee to the Rugby Football Union in respect of a loan of up to £100k to Oxford Harlequins Rugby Football Club for funding improvements to changing room facilities at Horspath Athletic Grounds, on terms agreed in advance by both the Council’s Head of Financial Services and the Executive Director for Sustainable City.
Additional documents: Minutes: The Head of Financial Services and Head of Community Services had submitted a report to consider a loan guarantee to the Rugby Football Union in respect of a £100k loan to Oxford Harlequins Rugby Football Club.
Cllr Smith introduced the report. A visit to the Oxford Harlequins Rugby Club in the previous year had shown that the facilities weren’t fit for the 21st century; she was pleased that the improvements described in the report, made in partnership with others, would make a significant improvement to them. The timing of this additional meeting of the City Executive Board would enable the refurbishment of the club’s changing rooms to be complete by the beginning of the next rugby season.
The Head of Financial Services said that detailed discussion with the club about the terms of a loan guarantee were progressing. He was confident of reaching an agreement which could be acceptable to both him and the Executive Director for the Sustainable City. On the basis of progress to date he had no hesitation in commending the report’s recommendations to the Board.
In discussion it was noted that if, at some point, the club failed, the asset of the grounds and facilities would revert to the Council. It was also noted that support for the guarantee was considered appropriate because it was in relation to a council asset.
The City Executive Board resolved to:
Make a recommendation to Council to provide a loan guarantee to the Rugby Football Union in respect of a loan of up to £100k to Oxford Harlequins Rugby Football Club for funding improvements to changing room facilities at Horspath Athletic Grounds, on terms agreed in advance by both the Council’s Head of Financial Services and the Executive Director for Sustainable City.
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Dates of Future Meetings Meetings are scheduled for the following dates: · 22 May · 13 June · 11 July · 14 August All meetings start at 5pm.
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