Purpose

To seek approval to extend an existing CIF loan and to seek further funding to further support the regeneration of Sutton Coldfield Town Centre.

Decision

(1)   The varied terms for the existing Investment of £10m, providing a loan to BPG Gracechurch Limited for a term of up to 5 years from drawdown, 3 May 2024, be approved.

(2)  The provision of a further £3.75m to BPG Gracechurch Limited for a term commensurate for specified improvements be approved.

(3)  The provision of a £1.5m loan to assist with acquisition of the adjacent Red Rose Centre, also term commensurate, all under the Commercial Investment Fund be approved.

(4)  Authority be delegated to the Director of Commercial and Investment for the negotiation and approval of the final terms of the loans, and any release of security in respect of Plantsbrook House.