Decision

AGREED: that Cardiff Council offers a town centre loan to Iungo Propco Ltd of £770,000 towards the purchase and redevelopment costs associated with 33-35 West Bute Street, Butetown, subject to pre-conditions set out in the due diligence report at Appendix 1 being satisfied and completion of legal agreement.

Reasons for the decision

The reason for the recommended decision is the creation of new job opportunities through the formation of new businesses, the growth and development of indigenous businesses and the attraction of inward investment is a key priority of the County Council’s Economic Development Plan. One of the ways this has been achieved is through provision of financial assistance to new start and existing businesses located within Cardiff.