Purpose

Extension of the current loan facility provided to Peterborough
Limited

Decision

Cabinet considered the report and RESOLVED to:
 

1.    
Approve the amendment to the expiry date of the £1.75m
facility with PeterboroughLtd(originally approved by Cabinet in July
2018)
from1 February
2024to 1
February 2029. 

 

2.    
Authorise the Director forLaw
and Governance (Monitoring
Officer)and Executive
Director for Corporate
Services and S151 Officerto
exercise delegated authority to finalise and agree all necessary
legal agreements with PeterboroughLtd for the purposes of facilitatingthis
arrangement. 
 

Reasons for the decision

The
approval of this recommendation will ensure P Ltd have
certaintyof funding from the Council once the original
loan facility expires in
2024. 

Alternative options considered

The
Council could refuse to extend the loan facility;however,this would require Peterborough Ltdto seek
funding from an external provider which is not efficient for
eitherthe Council or its
subsidiary