Decision Maker: Chief Executive Officer
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
After consideration of a report of the
Corporate Director Strategic Resources and after consultation with
Executive Members, the Chief Executive Officer agreed that:
(i) The secured loan facility of up to £500k to Welcome to Yorkshire be extended to 30 November 2021 and;
(ii) Authority be delegated to the Corporate Director Strategic Resources, in consultation with the Assistant Chief Executive (Legal & Democratic Services), to complete the necessary loan funding arrangements with Welcome to Yorkshire.
*PLEASE NOTE This decision was originally
published on or near the date of the decision and so call in no
longer applies. It has been re-published as part of the change in
committee management system that we use.*
Decision taken by Richard Flinton, Chief Executive Officer, under his emergency delegated powers and in consultation with Executive Members.
The decision was taken to ensure appropriate business continuity during the period of the COVID-19 pandemic.
On 16 June 2015 the Executive approved a call-off loan facility for Welcome to Yorkshire of up to £500k. The loan was activated by Welcome to Yorkshire in 2019 and is secured on a property owned by Welcome to Yorkshire at Tadcaster Road, York (its previous headquarters).
Welcome to Yorkshire are now approaching the end of the term of the loan under the approval of the Executive in June 2015. Whilst the loan facility was for a 5 year period, the 5 year period was triggered following agreement of the terms of the loan (ie shortly after the Executive decision). Whilst the loan will only have run for a single year there is therefore a need to redeem the loan or grant an extension of the loan facility when the existing loan arrangement expires in November 2020. Welcome to Yorkshire have requested a single year extension.
The loan was provided on commercial terms and it is proposed that the existing arrangements are merely rolled forward by a year to expire on 30 November 2021.
The Council has financial security in the arrangements.
Publication date: 28/04/2021
Date of decision: 14/04/2020