Decision details

14/00053 - EKO Funding arrangements - Reprofiling (2)

Decision Maker: Leader and Cabinet Member for Health Reform

Decision status: Recommendations approved

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

Authority was sought and received in March 2007 under decision 07/00936 to commit KCC to entering a Joint Venture Vehicle incorporating Kent County Council’s landholdings at Manston Park and Eurokent Business Park, Thanet and Thanet District Council’s landholdings at Eurokent.

 

In 2010 further authority was sought to reprofile the loan and this was received and recorded under decision 10/01499.

 

In 2014 further re-profiling is necessary to ensure that EKO is able to build upon current momentum and be best placed to move forward on the development of both sites.  The Leader has taken a further decision under 14/00053.

Decision:

The Leader of Kent County Councilhas agreed

 

 

 

(1)

 

 

(2)

 

that the Eurokent Spine Road costs, estimated at £5.4m plus interest, be equally shared with Thanet District Council going forward; and

 

that for the remaining sum and that owing to the outstanding loans for Eurokent Spine Road and from the Regeneration Fund to be fully repaid by East Kent Opportunities LLP before by the end of the 2016-2017 financial year or sooner if the LLP’s income stream support it

 

The Executive Scheme of Delegation for Officers set out in Appendix 2 Part 4 of the Constitution (and the directorate schemes of sub-delegation made thereunder) provides the governance pathway for the implementation of this decision by officers.  In this instance, the Director of Economic Development (on behalf of the Corporate Director Growth, Environment & Transport) will take all such steps as are necessary to implement the decision, including determination of the detailed arrangements of the repayments schedule for the Eurokent Spine Road costs with Thanet District Council and East Kent Opportunities LLP.

 

 

Publication date: 09/06/2014

Date of decision: 17/06/2014

Effective from: 26/06/2014

Accompanying Documents: