Forward plan

Urgency Notice - Facility Loan Agreement to i4B Ltd and First Wave Housing Ltd  (28 Feb 2020)

Plan items
No. Item

1.

Approval of Facility Loan Agreement for i4B Ltd and First Wave Housing Ltd

Decision maker:  Director of Finance

Decision:   28 Feb 2020

Lead officer:  Minesh Patel

Decision status:  Recommendations Approved

Notice of proposed decision first published: 28/01/2020

This decision will be taken under urgency procedures.

Reason for urgency:
Approval is required to enable i4B Holdings Ltd to conclude an agreement for the purchase of a residential building that needs to be completed in the week commencing 27 January 2020. Should the decision be delayed the opportunity to complete the commercial arrangement will be lost.

The decision to finance the loan has already been subject to Cabinet approval, with the approval of the final terms delegated to the Director of Finance. Approval is now being sought to finalise and allow immediate implementation of the decision in order to be able to complete the time sensitive agreement within the necessary timescale.

Anticipated restriction: Part exempt  - view reasons

Explanation of anticipated restriction:
Appendix 1 of the report contains exmept information.