Decision details

Oxpens: Sale of Oxpens Land and Loan to Oxford West End Development Ltd

Decision Maker: City Executive Board (became Cabinet on 13 May 2019)

Decision status: Recommendations approved

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

This report seeks agreement from the City Executive Board to ask Council to approve:

1.            A £100K investment  to Oxford West End Development Ltd to provide working capital on the terms contained within the shareholders agreement

2.            An investment of £4million in Oxford West End Development Ltd to provide funds to the Company to  purchase land owned by Oxford City Council

3.            To provide a capital budget of £4million in the Council’s General Fund Capital Programme in 2017/18 funded from the Capital Receipt received from the sale of the land.

 

Decisions:

Council considered a report to the City Executive Board on 14 April 2016 which seeks budgetary approval for the sale of Oxpens land and a loan to Oxford West End Development Ltd and noted that the recommendations agreed by the Executive Board were as set out in the agenda.

 

Council resolved to:

 

1.         approve a loan of £4.16 million to Oxford West End Development Ltd to provide funds to the company to purchase land owned by Oxford City Council on terms set out in this report;

2.         approve a capital budget of £4.16 million in the Council’s General Fund Capital Programme in 2017/18 funded from the Capital Receipt received from the sale of the land.

 

Publication date: 29/04/2016

Date of decision: 18/04/2016

Decided at meeting: 18/04/2016 - Council

Accompanying Documents: