Issue details

Purpose of report: To seek Cabinet Member approval to loan £200k on commercial terms to Advent Developments. This will enable building work on 37 new homes, including 11 affordable homes, to begin on a stalled site at the former Shipton Street school site, Clifton. The Cabinet Member is asked to support the recommendation of the report to approve a commercial loan of £200,0000. This item was slipped from the February to the March meeting to allow time for the outcome of a separate funding application made by the developer through the Get Britain Building Fund to be known which, if successful, will override any need for the council to consider making a commercial loan to kick-start this stalled development. This item was then slipped to the April meeting is was deemed premature to be considering it in advance of a decision on whether this development is to be supported through the Government’s Get Britain Building Fund. The item was temporarily withdrawn pending the outcome of the bid for national funding. This item will now be considered by Cabinet in June to allow time to await the outcome of Advent looking for private funding for the project.