Decision details

Gloucestershire Airport Runway Loan

Decision Maker: Executive Director of Finance, Assets and Regeneration - Paul Jones

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Decision:

In accordance with the delegation from Full Council on 18th October 2021 (which superseded the decision made on 7th December 2020), the Executive Director Finance, Assets and Regeneration has made the following decision:

 

·             provide loan finance of up to £7.75m to Gloucestershire Airport Limited (GAL) to fund the runway works in accordance with an agreed mechanism for drawdown requests at an agreed market rate and subject to such facilities being secured by suitable charges over the assets of GAL.

·             Debenture in favour of Cheltenham Borough Council;

·             Deed of priority of both councils in respect of their security;

Reasons for the decision:

In accordance with the recommendations approved by Full Council on 18th October 2021.

Alternative options considered:

These were considered in the April 2017 report which included sale or exit. Council determined to support GAL in the longer term with a commitment to put it onto a more commercially sustainable platform.

Other reasons / organisations consulted

The Leader of the Council and Borough Solicitor were consulted in accordance with the recommendation approved.

Publication date: 10/06/2022

Date of decision: 10/06/2022

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