Decision details

The Cabinet will be asked to make a decision under previously given delegated authority, on providing a £4m loan to developers to enable progression of the Enterprise Zone at Suffolk Business Park, Bury St Edmunds. Provision of the loan would be subject to the criteria set out in the Council’s loans policy and due diligence measures.

As development at Suffolk Business Park, is rapidly progressing, this matter cannot reasonably be deferred as further delay will impact on the timeframe for delivering the necessary infrastructure required, in order to enable the wider benefits achieved through the support of business growth to be realised.

Given the timeframe that is being worked to resolve this matter, it has not been possible to provide for 28 days notice of the decision.  Under the Access to Information Procedure Rules of the Council’s Constitution, paragraph 16.1 relates to a Key Decision (which this is) and the consideration of matters in private, requires that where the normal procedure cannot be followed, the Chairman of the Overview and Scrutiny Committee is to be informed as to why the taking of the decision cannot be reasonably deferred.  This has been undertaken accordingly.

RESOLVED:

That:

(1)     a £4m revolving investment loan facility be agreed, as set out in Report No: CAB/SE/17/018, for infrastructure and associated works for Suffolk Park; and

(2)     subject to the satisfaction of the Section 151 and Monitoring Officers that appropriate security is in place to protect the Council’s investment and due diligence highlighting no significant risks to the Council has been completed, delegated authority be given to the Chief Executive in consultation with the Portfolio Holder for Planning and Growth to enter into a loan agreement(s) with the developer.