Decision Maker: Chief Executive Officer GMCA & TfGM, Treasurer GMCA
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
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.
Publication date: 13/05/2024
Date of decision: 10/05/2024
Effective from: 21/05/2024
Accompanying Documents: