Decision details

Approval of the consolidation of two existing loans into a single facility with Broughton House, totalling £4.1m, which needs to be made during the pre-election period, and cannot wait until the next GMCA meeting. The loans have been consolidated in order to improve the affordability of the loan and to better reflect the reduced lending risk.
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 the consolidation of the two existing loans totalling £4.1m into a single facility with Broughton House;

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.