The subject of the decision:

This report sought consideration of various issues regarding the Dalton Bridge and Highway Scheme.

Alternative options considered:

None.

The reason for the decision:

To take account of Part 4, Section 43 of The Local Government Act 2003 which covers the additional contributions and actions a local authority can undertake in connection with Business Improvement Districts.

THE DECISION:

That Cabinet approves and recommends to Council that:-

(1)     the loan to the Dalton Businesses be a ‘soft loan’ as opposed to a commercial loan as previously recommended by Cabinet on 7 July 2015;

(2)     the decision as to how to finance the loan and the amount of the loan to be provided (as long as it is £1,2000,000 or lower) as described in the Financial Implications Section of the report, be delegated to the Council’s Head of Finance - s151 Officer;

(3)     the actions identified in Section 1.7 of the report be progressed; and

(4)     a budget of £25,000 be allocated to cover the preparation of legal agreements as identified in Section 4.5 of the report and for this to be funded from the Economic Development Fund.

None

None