Decision details

Amend Projects Documents and Increase Advance Sums

RESOLVED that:-

(a)        the amendment of the existing £3.4m loan for the purchase of the Exeter Road site to an “Additional Council Finance loan note” be approved;

(b)        the increase in the long lease term from 150 years to 250 years (or whatever is market appropriate) be approved;

(c)        the increase to “Advance Sum” budget to the sums set out in the Advances Sum’s table in the report be approved; and

(d)        a change to the “Option Execute Date” to 3 years after the date of planning consent be approved.

Voting: Unanimous

Portfolio Holder: Regeneration and Culture

Reason

To enable this exciting and reputationally important scheme to go ahead, helping to deliver high quality homes and increased footfall in Bournemouth Town Centre.

To contribute to the Council’s vision, specifically helping to create dynamic places, investing and re-investing our high streets and local centes.