Decision details

To update Members on the redevelopment of Langley Court St Ives;

To seek the approval of the Cabinet to transfer a piece of land to Luminus to enable the redevelopment to proceed;

To update Members regarding the terms of the loan to Luminus.

That the Cabinet agrees:

 i.  to the transfer of the grassed area (as identified in Appendix 1 of the Officer’s report) at the front of Langley Court to Luminus, subject to a clawback arrangement as detailed in paragraph 3.5 of the Officer’s report.

ii.  to the continued support of the Langley Court development by the provision of loan finance at nil cost to the Council.

iii.  that the Head of Resources, as the Section 151 Officer, be authorised to make the loan following consultation with the Executive Councillor for Resources (and a satisfactory Due Diligence report from the Council’s Treasury Management Advisors).

To update Members on the progress with the extra care for older people scheme in Langley Close, Ramsey Road, St Ives being developed by Luminus.    

There is a green space at the front of the site which is owned by the Council.  To make best use of the site it was proposed to transfer this to Luminus to incorporate within the car park and green space for the scheme, subject to a clawback arrangement whereby if the site is sold in the future the monetary equivalent of that area of land reverts to the Council.

None considered.

The loan to Luminus will generate a small return for the Council, but at nil cost to the Council.