Decision details

The board considered a report of West Midlands Development Capital (WMDC) that sought approval to an increase and term extension of a current Residential Investment Fund (RIF) loan to ‘the Company’, for the sum specified in the report, in order to deliver Phase 2B of the development at ‘the Property’ stated in the report.

It was noted that the increased payable, secured RIF loan would be subject to a maximum term of 4 years and would be subject to the terms detailed in the report.

Resolved:

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

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

3.    The increased investment, for the amount specified in the report, to the ‘Company’, for a term of four years, from the Residential Investment Fund be approved;

4.    The existing grant continue alongside the increased loan be noted and

5.    The negotiation and approval of the final terms of the loan to Ian Martin, Director of Commercial and Investment, in consultation with the S.151 Officer and Monitoring Officer be agreed.