Decision Maker: Executive
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Exempt report
The Assistant Director of Finance submitted a exempt report to update Executive on the status of the loan to Silverstone Heritage Limited and agree a rephased payment plan.
Resolved
(1) That the extension of the payment term of the loan given to Silverstone Heritage Limited to March 2034 be agreed.
(2) As set out in the exempt Minutes.
Reasons
It is considered that the most likely way for the council to safeguard its resources is to agree to a revised payment profile of the loan with Silverstone Heritage Limited (SHL) and as set out in the exempt Minutes.
Alternative options
Option 1: Make no changes to the loan agreement. This has been discounted on the basis that an alternative funder cannot be identified. Further information as set out in the exempt Minutes.
Option 2: As set out in the exempt Minutes.
Reason Key: Significant Expenditure or Savings;
Reason No Public Access: Yes - by virtue of paragraph 3 of Schedule 12A of Local Government Act 1972
Declarations: None
Subject to Urgent Proceedings: No
Contact: Michael Furness, Assistant Director Finance & S151 Officer Email: michael.furness@cherwell-dc.gov.uk Tel: 01295 221845.
Report author: Michael Furness
Publication date: 05/03/2024
Date of decision: 04/03/2024
Decided at meeting: 04/03/2024 - Executive
Effective from: 12/03/2024