Decision details

Resolved

(1)          That authority be delegated to the Director – Strategy & Commissioning to vote in favour of the BID at the Ballot on behalf of all Council-owned hereditaments.

(2)          That, subject to a positive ‘yes’ ballot of businesses and approval of budgets by Full Council, authority be delegated to the Chief Finance Officer in consultation with the relevant Lead Member to meet the actual one-off capital cost, estimated to be £20,000 to create the necessary collection system.

(3)          That, subject to a positive ‘yes’ ballot of businesses and approval of budgets by Full Council, authority be delegated to the Chief Finance Officer in consultation with the relevant Lead Member to subsidise a proportion of the annual revenue costs to collect the BID levy for a maximum period of five years of £9,000 a year.

(4)          That, subject to a positive ‘yes’ ballot of businesses and approval of budgets by Full Council, authority be delegated to the Chief Finance Officer in consultation with the relevant Lead Member to provide a bridging loan of up to £50,000 to the Banbury BID to cover the set-up, operational and project costs in its start-up phase to be entirely repaid to the Council within three years. The loan would be subject to an appropriate legal agreement being entered into to govern the drawdown loan facility and all financial requirements being satisfied.