Decision details
Loan of £700,000 to Leicestershire County Cricket Club
Decision Maker: City Mayor (Individual Decision)
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
Purpose:
To provide a loan to help fund the redevelopment of Cricket Club’s ground with the loan being repaid by the English Cricket Board.
Decision:
1) It is recommended that the City Council agree to loan the sum of £700,000 to Leicestershire County Cricket Club. Such a loan is to be charged at an interest rate of 5% and to be repaid by the English Cricket Board ( ECB) directly, conditional upon terms contained with paragraph 3.3 of the report being met.
2) It is also recommended that £700,000 be added to the capital programme for this loan to be funded by the proposed repayment by the ECB
Reasons for the decision:
To promote the development of Leicestershire County Cricket Club’s ground with costs to be repaid by the English Cricket Board.
Alternative options:
Whether to grant the loan or not to do so.
Publication date: 03/02/2017
Date of decision: 03/02/2017
Effective from: 11/02/2017
Accompanying Documents:
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