Decision Maker: Mayor and Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: March 12, 2025

Purpose:

Content: MOVED, SECONDED and Unanimously RESOLVED:   -     To note the progress of finalising the grant agreement and revised loan arrangements for the Besson Street development following the Mayor and Cabinet approval of 10 July 2024;   -   To authorise the Council’s appointed directors to the Besson Street HoldCo to approve the extension of the pre-development loan from 31 January 2025 to 31 July 2025;   -  That subject to agreement of the recommendation to the extend the loan date, to agree to increase the maximum pre-development loan by £350,000 to enable pre-development work to continue until 31 July 2025;   -  To delegate authority to the Executive Director for Finance, Digital and Corporate Resources in consultation with the Executive Director of Place, the Director of Law and Corporate Governance and the Cabinet Member for Inclusive Regeneration & Planning to facilitate the recommendations as set out in this report.