Decision details

The board considered a report of the Director of Commercial and Investment that sought approval of loan investment from the Commercial Investment Fund/Residential Investment Fund, for the sum specified in the report to the ‘Company’, for 5 years and grant funding from the Brownfield Housing Fund to facilitate the development of 10,000 sqft of retail office space and 524 residential units (c 21% affordable) at Canalside South, Wolverhampton.

Kieren Turner-Owen, West Midlands Development Capital, outlined the key features of the investment proposal and reported that the City of Wolverhampton Council supported the loan and grant that would ensure the delivery of a vital city centre regeneration project.

Councillor Burden (City of Wolverhampton Council) reported that the derelict site was highly in need of regeneration, and he fully supported the investment proposal.

Resolved that:

1.    The comments made by Investment Panel when the proposal was presented be noted;

2.    The loan investment for the sum specified in the report from the Commercial Investment Fund/Residential Investment Fund to the ‘Company,’ for a term of 5 years as per the terms and conditions set out in the report and grant funding from the Brownfield Housing Fund as stated in the report be approved;

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 s.151 Officer and Monitoring Officer be agreed.