The Head of Direct Services submitted a report (previously circulated, now appended) which detailed the first draw down and repayment of the Council’s loan to the Low Carbon Hub agreed by the City Executive Board at its meeting on the 11 June 2014 and recommended subsequent drawdowns.

The Executive Director, Community Services reminded the Board that he was a Non-Executive Board Member of the Low Carbon Hub.

The Head of Financial Services presented the report, highlighting the work of the Low Carbon Hub on projects which had delivered £500k benefit to the residents of Oxford as detailed in paragraph 8 of the report.

The City Executive Board resolved to:

1.    Note the success of the first draw down and repayment of the 2014 loan facility, and approves a further draw down from the loan facility as follows:

a)      800k secured against solar panel equipment (as in the previous tranche)

b)      823k secured against the Hub’s income stream from current projects

c)      that such further draw down be on a 12 month repayment timescale at an interest rate of 5%; and

2.      Delegate authority to the Council’s Section 151 Officer, in consultation with the Monitoring Officer, to enter into a Supplemental Agreement with the Low Carbon Hub, reflecting the arrangements for the further draw down from the loan facility.