Decision Maker: Chief Executive Officer GMCA & TfGM, Treasurer GMCA
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
The additional loan facility to Romaco Limited
is in line with the strategic objectives of the business investment
strategy and the Local Industrial Strategy and support the key
objectives of supporting our globally competitive strengths and
strengthening the foundations of our economy. Romaco Limited
provides debt funding to SME developers, predominantly across the
North.
The Combined Authority gave approval on 22nd March 2024 to give
delegated authority for the period 23rd March 2024 to 30th May 2024
to the Combined Authority Chief Executive and the Combined
Authority Treasurer, in consultation with the Portfolio Lead Leader
for Investment and Resources, to approve funding requests for
projects in the absence of a Combined Authority meeting at the end
of April 2024, and approve any urgent variations on amounts and
terms for already approved loans.
a) approve a further £2,000,000 loan
facility to Romaco Limited;
b) note that the Combined Authority Treasurer and Combined
Authority Monitoring Officer will review the due diligence
information in respect of the above investment, and, subject to
their satisfactory review and agreement of the due diligence
information and the overall detailed commercial terms of the
investment, to sign off any outstanding conditions, issue final
approvals and complete any necessary related documentation in
respect of the loan noted above.
Publication date: 13/05/2024
Date of decision: 10/05/2024
Effective from: 21/05/2024
Accompanying Documents: