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?: Yes

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:

The Executive Director, Regeneration and Housing submitted a report seeking budgetary approval for the sale of Oxpens land and a loan to Oxford West End Development Ltd.

 

The Leader of the Council presented the report.

 

The City Executive Board resolved to recommend full Council to approve:

1.    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.    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: 26/08/2016

Date of decision: 14/04/2016

Decided at meeting: 14/04/2016 - City Executive Board (became Cabinet on 13 May 2019)

Effective from: 21/04/2016

Accompanying Documents: