Decision details
Establishment of a Loan Facility for Stockport Active CIC (Life Leisure) to Fund Equipment Replacement, Site Improvements and Energy Efficiency Initiatives (F&R12)
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Purpose:
Seeking approval for a loan facility for
Stockport Active Community Interest Company
Decision:
The Cabinet has considered a proposal to provide a loan facility for Life Leisure (the trading name of Stockport Active CIC) to fund the replacement of equipment, general capital improvements to centres and initiatives to make leisure centres more energy efficient and has:-
(1) Approved the loan facility for Life Leisure to fund the replacement of equipment, general capital improvements to centres and initiatives to make leisure centres more energy efficient; the loan facility being of a maximum of £5m to be requested as and when deemed necessary by the Board and Executive of Life Leisure during the current services contract between the Council and Life Leisure which runs until 31st March 2027.
(2) Delegated authority to the Deputy Chief Executive in consultation with the Cabinet Member for Finance & Resources to approve specific borrowing requests from Life Leisure under the terms of the overall loan facility, following consideration of appropriate business cases supplied.
Alternative options considered:
None.
Interests and Nature of Interests Declared:
None.
Reason Key: Not provided in capital programme;
Wards Affected: (All Wards);
Equality and/or Environmental Impact Assessment: Contained within the report
Decision Reference: CAB422
Declarations or conflicts of Interest: None.
Forward Plan Reference: F&R12
Other reasons / organisations consulted
None
Contact: Peter Ashworth, Place Directorate Email: peter.ashworth@stockport.gov.uk Tel: 07891 949473.
Report author: Peter Ashworth
Publication date: 07/12/2022
Date of decision: 06/12/2022
Decided at meeting: 06/12/2022 - Cabinet
Effective from: 14/12/2022
Accompanying Documents:
- ESTABLISHMENT OF A LOAN FACILITY FOR STOCKPORT ACTIVE CIC (LIFE LEISURE) TO FUND EQUIPMENT REPLACEMENT, SITE IMPROVEMENTS AND ENERGY EFFICIENCY INITIATIVES Cabinet Meeting Summary Sheet
PDF 246 KB - ESTABLISHMENT OF A LOAN FACILITY FOR STOCKPORT ACTIVE CIC (LIFE LEISURE) TO FUND EQUIPMENT REPLACEMENT, SITE IMPROVEMENTS AND ENERGY EFFICIENCY INITIATIVES (main report)
PDF 158 KB