Issue - meetings
Old Fire Station - Guarantor for Loan
Meeting: 03/08/2011 - Delegated Decisions of the Board Member, Corporate Governance and Strategic Partnerships (Item 5)
5 Old Fire Station - Guarantor for Loan 
PDF 94 KB
To consider a request for the Council to at as guarantor for a bank loan of up to £115,000 to Arts at the Old Fire Station (the company).
A risk map appendix was not available when the agenda was dispatched and will be sent ‘to follow.’
Additional documents:
- Arts at OFS - Business Plan - June11, item 5
PDF 360 KB
View as DOC (5/2) 567 KB
- Arts at OFS business plan - appendix 4 - June 11 (2), item 5
PDF 105 KB
View as XLS (5/3)
58 KB
- Copy of 10 OFS Risk Register - Updated 010611, item 5
PDF 28 KB
View as XLS (5/4) 517 KB
- Arts at the Old Fire Station - Risk and SWOT, item 5
PDF 21 KB
View as DOC (5/5) 38 KB
Minutes:
Councillor Price explained the background to this item.
In answer to questions from Councillor Royce concerning the risk of this group defaulting on the loan, Councillor Price indicated that he was satisfied that the Council would be able to keep a careful track of this group’s finances and that the risk, as assessed by officers, was small. Should the Council need to intervene, there was provision to do so via Laura Worsfold (Culture Team Leader) and Councillors.
Resolved to agree
(1) That Oxford City Council will, in principle, act as guarantor for a loan facility of up to £115, 000 to be supplied by a social investment bank to Arts at the Old Fire Station;
(2) That authority be delegated to the Corporate Director of Finance and Efficiency to enter into an appropriate arrangement with the lender on terms that comply with the content of the officer’s report.