Decision details

The board considered a report of the Director of Commercial and Investment that sought approval of loan funding from the Commercial Investment Fund (CIF) for the sum specified in the report to the ‘Company’, for a maximum 4-year period, for the refurbishment of office and ground floor retail space at Newater House, Newhall Street, Birmingham.

Gerald Gannaway (West Midlands Development Capital) outlined the key aspects of the investment proposal detailed in the report.

Resolved that:

1.    The powers and ability of the WMCA to make the proposed loan be noted;

2.    The loan investment from the Commercial Investment Fund for the sum specified in the report (initially limited to the sum stated, with the higher figure only being made available subject to certain defined conditions being met as outlined in the report, to be confirmed with the Director of Commercial and Investment and Section 151 Officer) to the ‘Company’ for a term of up to 4 years as per the terms and conditions set out in the report be approved and

3.    The negotiation and approval of the final terms of the loan be delegated to the Director of Commercial and Investment in consultation with the Section 151 Officer and Monitoring Officer.