Decision Maker: Cabinet

Outcome: Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: April 15, 2025

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.