Decision details

1.               The attached report reviews the financial risks relating to the Council providing a loan to CLIC to support the development of an ice rink on the outskirts of Cambridge. It considers how the remaining financial risk could be mitigated and provides information to support a final decision on provision of the loan.

2.               The report includes consideration of the various legal agreements under development in relation to the financing, construction and operation of the Ice Rink and identifies matters that must be satisfactorily addressed in these agreements to ensure that the Council’s financial position is protected.

Cabinet

(a)             Recognised the issues identified, and approved the measures taken to address them, including matters to be included in legal documents prior to drawdown of the loan; and

(b)             Confirmed approval for the loan, and authorises the Executive Director, in consultation with the Finance and Staffing Portfolio Holder, to approve the loan agreement and drawdowns subject to satisfactory completion of all outstanding matters.