The Executive Director – Development has submitted a report to seek approval of additional loan finance, of up to £1m, to Oxford West End Development (OxWED) to support the preparation and submission of an Outline Planning Application and associated site preparation & promotion works.

Recommendations:That Cabinet resolves to:

1.    Agree, in line with the 21/22 Budget, approved by Council, to provide Oxford West End Development (OxWED) with a loan facility of up to £1m, subject to the OxWED Shareholders approval and Nuffield College providing the same level of facility;

2.    Delegate the agreement of terms and draw down of the loan to the Head of Finance, in consultation with the Cabinet Member for Finance and Asset Management; and

3.    Agree, in line with the 21/22 Budget, approved by Council, to provide up to £150k (revenue) from the reserve, for costs associated with a review of the OxWED company structure, and the implementation of any associated changes subsequently approved by the Shareholder.

The Executive Director – Development had submitted a report to seek approval of additional loan finance, of up to £1m, to Oxford West End Development (OxWED) to support the preparation and submission of an Outline Planning Application and associated site preparation & promotion works.

In the absence of Councillor Hollingsworth, Councillor Ed Turner, Cabinet Member for Finance & Asset Management, introduced the report which sought agreement to a loan facility of up to £1m to Oxford West End Development Limited OxWED, with a similar loan arrangement being made available from Nuffield College. This will enable to the site to be brought forward for outline planning permission and represented an important next step in this significant project for the both the Council and the City.

Cabinet resolved to:

1.    Agree, in line with the 21/22 Budget, approved by Council, to provide Oxford West End Development (OxWED) with a loan facility of up to £1m, subject to the OxWED Shareholders approval and Nuffield College providing the same level of facility;

2.    Delegate the agreement of terms and draw down of the loan to the Head of Finance, in consultation with the Cabinet Member for Finance and Asset Management; and

3.    Agree, in line with the 21/22 Budget, approved by Council, to provide up to £150k (revenue) from the reserve, for costs associated with a review of the OxWED company structure, and the implementation of any associated changes subsequently approved by the Shareholder.