Issue - meetings
LANCASHIRE COUNTY CRICKET CLUB REDEVELOPMENT - LOAN ASSISTANCE
Meeting: 25/03/2015 - Executive (Item 111)
111 OLD TRAFFORD LODGE HOTEL REDEVELOPMENT ASSISTANCE 
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To consider a report of the Executive Member for Finance and Director of Finance.
Decision:
1. That approval be given to a loan of £4m to Lancashire County Cricket Club for its planned redevelopment.
2. That authority be delegated to the Director of Legal and Democratic Services in conjunction with the Deputy Chief Executive and Director of Finance to agree and complete all documentation.
3. That Council be requested to approve:
- the addition of £4m to the Capital Programme in 2015/17 by way of prudential borrowing;
- the updated prudential indicators as detailed in Appendix 1 to the report.
4. That this decision be deemed to be urgent and therefore not subject to call-in.
Minutes:
The Executive Member for Finance and Director of Finance submitted a report regarding an approach recently made by Lancashire County Cricket Club (LCCC) to the Council to request loan finance for a proposed replacement of the existing Lodge facilities with a new purpose built 150 room hotel. An opportunity was provided for Members to ask questions regarding the terms of the loan, and it was noted that the matter would be discussed further at the Council Meeting immediately following the Executive’s meeting.
RESOLVED -
(1) That approval be given to a loan of £4m to Lancashire County Cricket Club for its planned redevelopment.
(2) That authority be delegated to the Director of Legal and Democratic Services in conjunction with the Deputy Chief Executive and Director of Finance to agree and complete all documentation.
(3) That Council be requested to approve:
- the addition of £4m to the Capital Programme in 2015/17 by way of prudential borrowing;
- the updated prudential indicators as detailed in Appendix 1 to the report.
(4) That this decision be deemed to be urgent and therefore not subject to call-in.
