Decision Maker: Executive

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: November 14, 2024

Purpose: To agree rescheduling of the loans.

Content: The Executive RESOLVED That the Section 151 Officer and the Monitoring Officer be given the authority, in consultation with the Leader and the Portfolio Holder, to restructure the Greenfield School loan providing any formal request from Greenfield School is supported by the following. 1.         A response that it is the clear preference of this Council that the school meet its existing commitment to repay the loan due to mature on 25th November 2024 and that it will not consider, at this stage, the transfer of interest in 54-58 Chertsey Road as an alternative. 2.         Independent and professional advice on the viability and risks of any proposal to reschedule the balance due on the 25th of November to provide assurance that the school will be able to honour the revised terms. The borrower should assume the cost of such advice. 3.         A written commitment from Greenfield School that they will additionally provide independent and professional advice on the viability of the school’s longer-term plans to pay the remainder of the loans. The borrower should assume the costs of such advice. 4.         Independent advice on any subsidy control or competition issues that need to be taken into account. Reason:   To manage the Council’s loans to Greenfield School in a way that best protects the public interest.