Cabinet Member: Councillor Evans.

The City Council will be asked to consider the Cabinet recommendation and the report of the Director for Place submitted to Cabinet. 

Minute 155 (of the Cabinet meeting held on 12 March 2013) refers.

Councillor Evans (Council Leader) presented the Cabinet recommendations for approval and Councillor Peter Smith (Deputy Leader) seconded the proposals (Cabinet minute 155 referred).

Agreed –

(Councillors McDonald, Penberthy and Tuffin declared personal interests in the above item.)

The Director for Place will submit a report asking that subject to a favourable outcome to both the European Regional Development Fund and Growing Places Fund applications, the Council agrees to act as guarantor for Millfields Trust for repayment of the balance of the Trust’s loan from the Local Enterprise Partnership outstanding to a maximum of £2.1 million in accordance with an agreed Heads of Terms between Plymouth City Council and the Millfields Trust which mitigates the potential financial impact upon the Council.   Authority is also sought for the Heads of Terms to be delegated to the Director for Place.

The Director for Place submitted a written report seeking approval to the Council acting as guarantor for Millfields Trust for repayment of the balance of the Trust’s loan from the Local Enterprise Partnership outstanding to a maximum of £2.1m.

The Assistant Director for Economic Development and the Urban Project Manager presented the report.

Alternative options considered and reasons for the decision –

As set out in the report.

Agreed -

(Councillors McDonald and Penberthy declared personal interests in respect of the above item).

(Councillor Coker was absent for consideration of the above item).