Decision details

The board considered a report of West Midlands Development Capital (WMDC) that sought approval for loan funding from the Commercial Investment Fund for the sum specified in the report, to the ‘Company’, to facilitate the development of 16 industrial units for SMEs, at the location identified in the report.

It was noted that the development would supply energy efficient starter units for whichoccupier demand is strong as significant interest had already been expressed by buyers for 9 of the 16 units.

The Director of Commercial and Investment, Ian Martin advised that the loan to the Company was straightforward and confirmed there was a good market for small commercial industrial units for SMEs.

Resolved that:

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 submitted be noted;

3.    The loan investment from the Commercial Investment Fund for the sum specified in the report to the ‘Company’ for a term of up to 2.5 years as per the terms and conditions set out in the report be approved and

4.    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 be agreed.