Decision details
Poplar Baths - Refinancing
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Purpose:
The senior financing debt arranged for the
Poplar Baths project is due to mature in 2019, prompting a
refinancing exercise to be carried out by the Project
Company.
A number of options are being explored to ensure that the
Council’s interests are protected in the refinancing exercise
and this includes the exploration of the Council providing the
senior debt to the project.
Decision:
The recommendations were amended and then agreed.
DECISION
1. To note the need to refinance the Poplar baths PPP arrangement and the options available for refinancing.
2. To note the proposed changes, to be reported to the Audit Committee, to the Council’s Treasury Management Strategy Statement necessary to enable debt finance to be provided to the Poplar Baths project.
3. To delegate to the Corporate Director of Resources the power to agree the commercial terms under which the Council would be prepared to offer finance to the project.
Action by:
CORPORATE DIRECTOR, RESOURCES (N. MURTON)
Report author: Pam Cummins
Publication date: 02/08/2019
Date of decision: 31/07/2019
Decided at meeting: 31/07/2019 - Cabinet
Effective from: 10/08/2019