Decision details

1.      That the changes to the terms of the RealityMine loan, in line with the update provided in the confidential part of the agenda, be approved.

2.      That a £2m increase in the loan facility to Romaco Limited, from £3m to £5m be noted.

3.      That the consolidation of two existing loans into a single facility with Broughton House, totalling £4.1m be noted.

4.      That authority be delegated to the GMCA Treasurer and GMCA Solicitor and Monitoring Officer to review the due diligence information in respect of the above loans, and, subject to their satisfactory review and agreement of the due diligence information and the overall detailed commercial terms of the loans, to sign off any outstanding conditions, issue final approvals and complete any necessary related documentation in respect of the loans noted above.

5.      That authority be delegated to the Chief Executive Officer, GMCA & TfGM and the GMCA Treasurer, in consultation with the Portfolio Lead for investment and Resources, to approve projects for funding and agree urgent variations to the terms of funding in the period 13 July 2024 to 26 September 2024.

6.      That it be noted that any recommendations approved under the delegations will be reported to the next available meeting of the GMCA.