Decision
Analysis
outcome: The council has agreed to offer a Drawdown facility with a lending cap of £50 million to the companies, and delegated authority to finalize terms and amend the Capital Strategy accordingly.
summary: The decision involves providing financial support to two council-owned companies, WNPL and WNHC, to promote growth, protect the environment, deliver efficient services, and support communities by facilitating the acquisition of affordable and private rented housing.
topline: The council has decided to offer a £50 million Drawdown facility to its housing companies to support local growth and housing objectives.
reason_contentious: The issue may be contentious due to the significant amount of public funds involved, potential risks associated with the investment, and the impact on local housing and services.
affected_stakeholders: Affected stakeholders include the council-owned companies (WNPL and WNHC), local taxpayers, potential housing tenants, and the local community.
contentiousness_score: The contentiousness score could vary depending on public opinion, but given the financial implications and potential risks, it might be around 5 to 7.
political_party_relevance: There is no direct mention of political parties, but the decision could have political implications given the involvement of council resources and the potential impact on local government objectives.
URL: https://democracy.west-norfolk.gov.uk/ieDecisionDetails.aspx?ID=1413
Decision Maker:
Outcome:
Is Key Decision?: No
Is Callable In?: No
Purpose:
Content: RESOLVED: That the contents of the report setting out (i) the advice of Grant Thornton, PS Tax, Link Group Treasury Services and Ensor Accountants relating to the structure options for financial support to WNPL and WNHC (the Companies), and (ii) the Council’s current analysis as regards the best options be noted; 2) That a Drawdown facility be offered to the Companies (comprising a mix of loan facilities and repayable grant agreements, and which may include debt-equity arrangements and/or the extension of current lease arrangements), with an overall lending cap of £50 million; 3) That delegated authority be given to the Executive Director (Place), in consultation with the Portfolio Holder for Business, the Share Holder Committee, the Section 151 Officer and the Monitoring Officer, to agree the final terms of the Drawdown facility with the Companies. RECOMMENDED: 4) That delegated authority be granted to the Section 151 Officer in consultation with the Portfolio Holder for Business to amend the Capital Strategy for 2023-2024 to reflect the approved Drawdown facility to the Companies. Reason for Decision 1. To deliver on Council Corporate Objectives: · Promote growth and prosperity to benefit West Norfolk; · Protect our environment; · Efficient and effective delivery of our services; and, · Support our communities. To deliver affordable and private rented housing for acquisition by the council’s wholly owned housing companies to support the delivery of council corporate objectives
Date of Decision: