Decision details

RESOLVED:   That the contents of the report setting out (i) the advice of Grant Thornton, PS Tax, Link Group Treasury Services and Ensor Accountants relating to the structure options for financial support to WNPL and WNHC (the Companies), and (ii) the Council’s current analysis as regards the best options be noted;

2)             That a Drawdown facility be offered to the Companies (comprising a mix of loan facilities and repayable grant agreements, and which may include debt-equity arrangements and/or the extension of current lease arrangements), with an overall lending cap of £50 million;

3)             That delegated authority be given to the Executive Director (Place), in consultation with the Portfolio Holder for Business, the Share Holder Committee, the Section 151 Officer and the Monitoring Officer, to agree the final terms of the Drawdown facility with the Companies.

RECOMMENDED:      4)          That delegated authority be granted to the Section 151 Officer in consultation with the Portfolio Holder for Business to amend the Capital Strategy for 2023-2024 to reflect the approved Drawdown facility to the Companies.

Reason for Decision

1.     To deliver on Council Corporate Objectives:  

·       Promote growth and prosperity to benefit West Norfolk;

·       Protect our environment;

·       Efficient and effective delivery of our services; and,

·       Support our communities.

To deliver affordable and private rented housing for acquisition by the council’s wholly owned housing companies to support the delivery of council corporate objectives