Extension of Loan to Barking Riverside Limited
November 12, 2024 Cabinet (Cabinet collective) Key decision Approved View on council websiteThis summary is generated by AI from the council’s published record and supporting documents. Check the full council record and source link before relying on it.
Summary
...to facilitate an additional £65m in funding from Homes England for infrastructure and housing development at Barking Riverside, the Cabinet agreed to extend the existing £5.5m loan to Barking Riverside Limited to March 31, 2034, under the current terms, and delegated authority to finalize the loan terms and legal agreements.
Full council record
Purpose
The Cabinet will be asked to
approve the extension of a £5.5m loan to Barking Riverside
Limited from the current long-stop date of 1 April 2025 to 31 March
2034, on existing terms, to facilitate additional £65m
funding from Homes England to support continued investment in the
core infrastructure and the building of new homes at Barking
Riverside.
Content
Cabinet resolved to:
(i) Agree the extension
of the existing loan of £5.5m to Barking Riverside Limited
from the current repayment date of 1 April 2025 to 31 March 2034
based on the present terms summarised in paragraph 2.4 of the
report; and
(ii) Delegate authority
to the Strategic Director, Resources, in consultation with the Head
of Legal, to conclude loan terms and complete the necessary legal
agreements.
Supporting Documents
Details
| Outcome | Approved |
| Decision date | 12 Nov 2024 |
| Subject to call-in | Yes |