The Head of Financial Services submitted a report to seeking approval of a revolving loan facility for the Low Carbon Hub IPS (Industrial and Provident Society) to Cabinet on 29 May 2019.

The minutes of this meeting are available at Item 16 of this agenda.

Councillor Turner, the Cabinet Member for Finance and Asset Management, will present the report.

Recommendations: Cabinet recommends that Council:

make budget provision of £2.3 million to enable this revolving loan facility to the Low Carbon Hub to be created.

Council considered a report of the Head of Financial Services submitted to the Cabinet on 29 May 2019 seeking approval of a revolving loan facility for the Low Carbon Hub IPS (Industrial and Provident Society).

Councillor Turner, the Cabinet Member for Finance and Asset Management presented the report and answered questions. He moved the recommendations, which were agreed on being seconded and put to the vote.

Council resolved to make budget provision of £2.3 million to enable the revolving loan facility to the Low Carbon Hub to be created.

The Head of Financial Services has submitted a report to request Cabinet to approve a revolving loan facility to Low Carbon Hub.

Recommendations: That Cabinet resolves to:

1.    Approve a revolving loan facility to the Low Carbon Hub of £2.3 million at an annual interest rate of 5%, secured on the assets of the Low Carbon Hub whilst noting the success of previous loan facilities;

2.    Recommend that full Council agrees to make budget provision of £2.3 million to enable this loan facility to be created; and

3.    Instruct the Head of Law and Governance in consultation with the Head of Financial Services to draw up and enter into a new loan agreement with the Low Carbon Hub setting out the terms of the loan.

The Head of Financial Services had submitted a report to request Cabinet to approve a revolving loan facility to Low Carbon Hub.

The Head of Financial Services introduced the report which sought to renew the previous loan agreement which had worked well to date, with all due payments having been made.

There was agreement that this arrangement, as with the previous item, was more than just a matter of money, given the nature and value of the work undertaken by the Low Carbon Hub; it was something the Council should be proud of. 

Cabinet resolved to:

1.    Approve a revolving loan facility to the Low Carbon Hub of £2.3 million at an annual interest rate of 5%, secured on the assets of the Low Carbon Hub whilst noting the success of previous loan facilities;

2.    Recommend that full Council agrees to make budget provision of £2.3 million to enable this loan facility to be created; and

3.    Instruct the Head of Law and Governance in consultation with the Head of Financial Services to draw up and enter into a new loan agreement with the Low Carbon Hub setting out the terms of the loan.