The Executive Director (Development) has submitted a report to seek an in-year budget increase to allow Oxford City Council to lend Oxford West End Developments (OxWED LLP) up to £600,000 to support the redevelopment of Oxpens.

Cabinet is recommended to:

1.      Recommend to Council that it increases the capital budget by £600,000 to allow the City Council to loan Oxford West End Developments (OxWED) LLP these funds;

2.      Delegate authority to the Head of Financial Services/S151 Officer in consultation with the Deputy Leader (Statutory) - Finance and Asset Management to agree terms and draw down the up to £600,000 loan to OxWED.

The Executive Director (Development) had submitted a report to seek an in-year budget increase to allow Oxford City Council to lend Oxford West End Developments (OxWED) LLP up to £600,000 to support the redevelopment of Oxpens.

The Cabinet Member for Planning and Housing Delivery presented the report and clarified that the funding would be by way of a loan, on which interest would be payable.

Cabinet resolved to:

1.      Recommend to Council that it increases the capital budget by £600,000 to allow the City Council to loan Oxford West End Developments (OxWED) LLP these funds;

2.      Delegate authority to the Head of Financial Services / S151 Officer in consultation with the Deputy Leader (Statutory) – Finance and Asset Management to agree terms and draw down the up to £600,000 loan to OxWED.