Decision

Appendix 1 of this report is not for publication as it contains exempt information of the description in paragraph 14 of Part 4 and paragraph 21 of part 5 of Schedule 12A of the Local Government Act 1972.

AGREED: that Cardiff Council offer a town centre loan to PropertyIndex Capital Ltd of £976,500 towards the purchase and redevelopment costs associated with Custom House, Bute Street, 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.