Decision - Approval of a loan to the Local Government Association | Westminster City Council
Decision details

Decision - Approval of a loan to the Local Government Association

Decision details

Approval of a loan to the Local Government Association

Decision Maker: Cabinet Member for Finance, Property and Corporate Services

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

Cabinet Member approval sought for loan to the Local Government Association.

Decision:

1.           That the report be declared exempt from publication as the business to be transacted involves the disclosure of information as prescribed by paragraph 3 of Part 1 of Schedule 12a of the Act relating to information relating to the financial or business affairs of any particular person (including the authority).

2.           That the Cabinet Member for Finance, Property and Corporate Services approved a loan as detailed in the report be advanced to the Local Government Association for the refurbishment of two of their buildings.

Reasons for Decision

 

Both buildings now need extensive renovation, however the Local Government Association can only partly finance the renovation from its own resources. Although the Local Government Association has access to other sources of finance, such as bank lending, it chose to seek the assistance of the City Council and potentially the Municipal Bonds Agency loan route to benefit the sector.

Publication date: 20/11/2017

Date of decision: 17/11/2017

Effective from: 28/11/2017