Issue - meetings

Report of Councillor David Molyneux, Portfolio Lead for Resources & Investment.

1. That the funding application for Castlefield House Properties Limited (loan of £5,000,000) be approved, and progressed to due diligence.
2. That the funding application for GM Social Enterprise Emergency Relief Fund (loan of £1,500,000) be approved and progressed to due diligence.
3. That authority be delegated to the GMCA Treasurer and GMCA Monitoring Officer to review the due diligence information in respect of the funding, and, subject to their satisfactory review and agreement of the due diligence information and the overall detailed commercial terms of the transactions, to sign off any outstanding conditions, issue final approvals and complete any necessary related documentation in respect of the loans at 1 and 2 above.

4. That authority be delegated to the GMCA Chief Executive Officer, GMCA & TfGM and GMCA Authority 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 1 August 2020 to 24 September 2020.  Any recommendations that are approved under the delegation will be reported to the next available meeting of the GMCA.