Issue - meetings

To consider a report by the Assistant Director, Finance and Resources outlining a request for a loan from Luminus.

Agreed that a loan be provided to Luminus of up to £5.5m over 30 years to fund the new extra care home, subject to confirmation of the various legal, procedural and security issues highlighted in the report and agreement of the interest rate and authorised the Assistant Director, Finance and Resources, to make the loan following consultation with the Executive Councillor for Resources on these issues, subject to the Executive Councillor having the right to require agreement of the details to be determined by Cabinet.

(Councillor R Fuller, local Ward Member and District Council representative on Luminus, was in attendance and spoke on this item.)

With reference to a report by the Assistant Director, Finance and Resources (a copy of which is appended in the Minute Book) the Cabinet considered a request by Luminus for a loan to enable them to develop a new extra care scheme for frail older people at Langley Court, St Ives.

Executive Councillors discussed the significant housing, health and social care benefits the scheme would give to the area. In expressing their support for the scheme, the Cabinet stressed that:

·  no residents should be asked to leave until planning permission for the scheme is granted;

·  any provision allows any resident that wishes to return after the new build is finished, can;

·  every possible effort be made to ensure that any resident that wishes to return is temporarily housed in St Ives; and

·  the Luminus Board reconsiders its attitude to District Council appointed Members to ensure full engagement and transparency.

Whereupon, it was

RESOLVED

(a)  that a loan be provided to Luminus of up to £5.5m over 30 years to fund the new extra care home, subject to confirmation of the various legal, procedural and security issues highlighted in the report and agreement of the interest rate; and

(b)  that the Assistant Director, Finance and Resources, be authorised to make the loan following consultation with the Executive Councillor for Resources on these issues, subject to the Executive Councillor having the right to require agreement of the details to be determined by Cabinet.