Issue - decisions
UPDATE ON HARKNESS COURT
20/03/2024 - TRADING COMPANY UPDATE - PART 1
RESOLVED: That the Cabinet Sub-Committee (Local Authority Trading Companies Shareholder):
(1) Approved the updated financial projections of the business case and commence trading of Broadwater Hundred Property Management Limited and Broadwater Hundred Limited.
(2) Delegated authority to the Service Director – Resources (as Client Lead Officer for the Company), in consultation with the Chair of this Committee to:
· Agree a loan and a loan amount that will be loaned to either Broadwater Hundred Ltd or Broadwater Hundred Property Management Limited by the Council.
· If required, agree an onward loan to Broadwater Hundred Property Management Limited.
· Agree that the loans will be governed through a loan agreement, which may give flexibility to each Company to draw-down funds as they are required.
REASON FOR DECISIONS: To enable the Council companies to trade and provide more commercial opportunities which will benefit the Council.