Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
AGREED OPTION 1
RESOLVED:-
(i) agreed that the Council’s founder member status be retained and support for the proposed transaction (as outlined in Appendix A of the report) be reported to inform a vote at the Management Committee to be held on 13th December 2019; and
(ii) agreed that financial backing be given for the transaction by agreeing to underwrite the loan (on a shared basis between the other 12 Founder Member Authorities) required to fund the purchase through entering into a Supplemental Agreement and delegates authority to the Executive Director Core Services to approve the Supplemental Agreement set out at Appendix B subject to:
· at least 10 of the 13 Founder Members remaining as Founder members and agreeing to enter into the Supplemental Agreement;
· the satisfactory completion of legal and financial due diligence on the proposal giving confidence to proceed; and
· resolution of the Management Committee to enter into the transaction proposed.
Publication date: 23/12/2019
Date of decision: 11/12/2019
Decided at meeting: 11/12/2019 - Cabinet
Effective from: 18/12/2019