Decision details

The Cabinet will be asked to agree proposals relating to the provision of loan funding to leaseholders of two Council-owned commercial properties to fit out the space in order to deliver the services and associated outcomes.

Cabinet resolved to:

(i)  Approve a loan of up to £440,000 (plus rolled up interest) to Care City Innovation CIC to help fund the fit-out of Council-owned premises at Axe Street, Barking, to be leased by Care City, on the terms set out in paragraph 2.1 of the report;

(ii)  Approve a loan of up to £250,000 (plus rolled up interest) to Make it Bow Limited (part of the Make it Group) to help fund the fit-out of Council-owned premises at Roycraft House, Linton Road, Barking, leased to Make it Bow, on the terms set out in paragraph 2.2 of the report; and

(iii)  Delegate authority to the Strategic Director, Inclusive Growth, in consultation with the Cabinet Member for Regeneration and Economic Development, the Director of Finance and Investments and the Chief Legal Officer, to agree and enter into any agreements and other documents to fully implement and effect the proposals set out in the report.