Finalisation of lease and licensing agreements with the LATCo covering the LATCo companies’ occupation of relevant Council premises and use of Council resources.

Council considered a report from the Executive Director for Sustainable City (previously submitted to the City Executive Board meeting on 18 July 2017) detailing progress on the establishment of the Local Authority Trading Company.

Councillor Turner, Board Member for Finance, Asset Management reported that the City Executive Board had agreed the recommendations in the report and moved the recommendations for Council’s consideration.

Councillor Price, Leader, seconded the recommendations.

Council resolved, subject to confirmation of the City Executive Board decision on 18 July 2017, to:

1.    agree a further loan of a sum up to £200k to the LATCo companies, on State-Aid compliant terms, to enable the LATCo companies to fund their set up costs; and

2.    delegate to the Councils section 151 officer, in consultation with the Interim Chief Executive and Council Leader, authority to approve spending of this money on other related matters.