The Head of Financial Services has submitted a report to request that the  City Executive Board  approves the extension of a loan facility to the Low Carbon Hub.

Recommendations:That the City Executive Board resolves to:

1.    Approve an extension of the availability period of the Council’s current loan agreement with the Low Carbon Hub, so that the remaining £1.3m of outstanding loans are repayable by the Low Carbon Hub by 29 March 2019, on similar terms as those applying to the existing loan facility; and

2.    Agree that a supplemental agreement be entered into with the Low Carbon Hub setting out the terms of this loan extension period.

Cllr Upton left the room.

The Head of Financial Services had submitted a report to request that the  City Executive Board  approves the extension of a loan facility to the Low Carbon Hub.

Cllr Turner introduced the report. The work of the Hub was to be commended, and the project was proceeding well.  Repayments, with the agreed interest, were all being made as agreed. The project continued to represent good value for residents and the Council alike.

The Chief Financial Officer confirmed that the project offered good security and, having undertaken due diligence on the financial standing of the Hub, had no hesitation in commending the report’s recommendations to the Board.

The City Executive Board resolved to:

1.    Approve an extension of the availability period of the Council’s current loan agreement with the Low Carbon Hub, so that the remaining £1.3m of outstanding loans are repayable by the Low Carbon Hub by 29 March 2019, on similar terms as those applying to the existing loan facility; and

2.    Agree that a supplemental agreement be entered into with the Low Carbon Hub setting out the terms of this loan extension period.