Issue details

117 Newbridge Hill Development Loan Approval

On 13 February 2018 the Council approved a loan facility of up to £33.2M for the Council’s property development company. Agreement of each new loan are delegated to the Chief Executive and S151 Officer, in consultation with the Leader and the Cabinet Member for Homes & Planning (Cabinet Member title has since changed to Cabinet Member for Housing, Planning and Economic Development).
This decision puts in place the loan funding for the development at 117 Newbridge Hill, Bath, in line with the Shareholder approval. Revisions to the Business case, including updated sales values and tender pricing, reprofiled development timeline and revised cash flow forecasts have been submitted and these show that the forecast returns to the Council remain in line with the original business case.
The loan will be charged at a commercial rate and secured by a specific charge in favour of the Council over the site itself and all associated work in progress.

Decision type: Non-key

Decision status: Approved

Notice of proposed decision first published: 29/04/2021

Decision due: 26 Mar 2021 by Director Finance - Section 151 Officer , Chief Executive

Contact: Andy Rothery, Chief Finance Officer (S151) Email: andy_rothery@bathnes.gov.uk Tel: 01225 477103, Will Godfrey, Chief Executive Email: will_godfrey@bathnes.gov.uk.

Decisions