Issue - meetings

At its meeting on 1 February 2017 Cabinet considered a report on an application for a community loan from Henley YMCA. Cabinet agreed to recommend Council to approve the award of a community loan.

The report of the head of finance, which Cabinet considered on 1 February 2017, is attached.

RECOMMENDATION: to

1.  approve the award of a community loan of £169,950 to Henley YMCA;

2.  authorise the head of finance and the head of legal and democratic services to agree the conditions of the loan and the loan agreement;

3.  approve a supplementary estimate of £169,950 to be added to the approved capital programme.

At its meeting on 1 February 2017 Cabinet considered a report on an application for a community loan from Henley YMCA and agreed to recommend Council to approve the award of a community loan.

Mr Julian Brookes, Mayor of Henley Town Council, and Ms Lisa Grant, General and Financial Manager of the YMCA, addressed Council in support of the application and responded to questions.

RESOLVED: to

1.     approve the award of a community loan of £169,950 to Henley YMCA;

2.     authorise the head of finance and the head of legal and democratic services to agree the conditions of the loan and the loan agreement;

3.     approve a supplementary estimate of £169,950 to be added to the approved capital programme.

To consider the head of finance’s report.  REPORT TO FOLLOW

Cabinet considered the head of finance’s report on an application by Henley YMCA for a community loan.  As the reason for confidentiality was no longer relevant, the chairman determined that this matter could be considered in public. 

The council introduced its community loans scheme in January 2013 to make loans to parish councils, charities and sports organisations with community amateur sports club status that met the conditions of the scheme.  The scheme created earmarked funding for this purpose. 

An application had been received from Henley YMCA seeking a loan of £169,950 over 15 years to purchase the leasehold title of 31 supported housing studio and flats built on its land.  In doing so Henley YMCA would transition from managing agent for YMCA England to being a registered social landlord in its own right.   This would ensure that Henley YMCA could continue its role in providing housing, support and development opportunities for local young people.

Cabinet noted that Henley YMCA had met all the conditions of the loans scheme, and was not subject to state aid.  Cabinet supported the loan application. 

RECOMMENDED: to Council to:

(a)       approve the award of a community loan of £169,950 to Henley YMCA;

(b)       authorise the head of finance and the head of legal and democratic services to agree the conditions of the loan and the loan agreement; and

(c)       approve a supplementary estimate of £169,950 to be added to the approved capital programme.