Silverstone Loan
Exempt report of Assistant Director of Finance
Additional documents:
Decision:
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 decisions.
Minutes:
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.