RECOMMENDED that Council: -
(a) approve an increase in the working capital loan facility to £8m (from £400k) to support BCP FuturePlaces Ltd from July 2022; and
(b) approve the revised BCP FuturePlaces Ltd Business Plan attached to the report and the confidential Appendix 1.
RESOLVED that Cabinet: -
(c) delegate authority to the Chief Finance Officer (s151) to agree and finalise the terms of the working capital loan; and
(d) delegate authority to the Chief Executive to amend and finalise the Commissioning Contract to reflect the new gateway process and business plan.
Portfolio Holder: Development, Growth and Regeneration
To contribute to the Council’s Corporate vision, specifically helping to create dynamic places, investing in the homes our communities need, revitalising and re-inventing our high streets and local centres in line with the vision set out in the Big Plan.
FuturePlaces was formed to ensure BCP Council has the capacity, expertise, and resources to drive investment in regeneration and unlock value from major Council owned sites; it will also enable BCP Council to ensure that we deliver new homes and create well designed, local neighbourhoods.
The new funding model accords with the proposal contained in the 2022/23 Budget approved by Council.