Purpose

Further to Minute 34 (17
September 2024), the Cabinet will be asked to approve a further
extension of the £5m loan and interest-free period to BDTP,
as well as a new £5m revolving credit facility with Be
First.

Content

Cabinet resolved to:
 
(i)  Note the repayment
of £4.2m by Be First (Regeneration) Ltd and agree to the
Revolving Credit Facility of £5m with an end date of 31 March
2030, based on the terms summarised in section 2.1 and Appendix 4
to the report;
 
(ii)  Agree the extension
of the current loan of £5.9m to BDTP from the current
repayment date of 31 March 2025 to 31 March 2026, based on the
terms summarised in section 2.2 of the report; and
 
(iii)  Delegate authority to the
Strategic Director, Resources, in consultation with the Head of
Legal, to conclude the loan terms and complete the necessary legal
agreements.