Decision Maker: Group Chief Executive
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Approval to the loan increase and loan
variation will support the strategic objectives of GMCA to increase
the supply of housing within GM.
1. Approve an increased GM Housing Investment Loans Fund loan
detailed in the table below, as detailed further in this and the
accompanying Part B report;
BORROWER - Capital & Centric (Cocoon) Ltd
SCHEME - Farnworth Green
DISTRICT - Bolton
REVISED LOAN - £13.014m
2. Approve changes to the funding terms for the GM Housing
Investment Loans Fund loans detailed in the table below, as
detailed further in this and the accompanying Part B report.
BORROWER AH2 Gee Cross Ltd
SCHEME Rowbotham Street
DISTRICT Tameside
LOAN £2.677m
BORROWER Gingerbread Properties Ltd
SCHEME Various sites
DISTRICT Wigan
LOAN £1.000m
3. Delegate authority to the GMCA Treasurer acting in conjunction
with the GMCA Monitoring Officer to prepare and effect the
necessary legal agreements.
If the increased loan for the Farnworth Green
development is not approved, and if the variation to the loan for
the Rowbotham development is not approved, the borrowers will be
unable to fund additional costs. In the case of the Rowbotham
development, this could result in the scheme not being
completed.
Publication date: 02/07/2025
Date of decision: 30/06/2025
Effective from: 10/07/2025