Issue - meetings

1. The item was introduced by Mr King, who praised the NUE scheme’s work to bring longer- term empty properties back into use at no additional cost to Kent County Council. 
2. Mr Steve Grimshaw, Strategic Programme Manager, introduced the report which included the background and evolution of the NUE initiative and the three strands it currently operates: NUE Residential, New Build and the NUE Commercial schemes. He also highlighted the successes of the Tridax Business Park project intended to be replicated under the KMBF NUE Commercial strand outlined in the report.
3. Mr Grimshaw explained the Cabinet Committee was being asked to endorse the decision for a loan of up to £6 million from the Kent and Medway Business Loan Fund to be made available to the NUE scheme and for delegation to be made to the Corporate Director.
4. In response to comments and questions from Members the discussion covered the following:

a)    Mr Grimshaw clarified that the scheme aimed to maximise unused KMBF funding. He emphasised that the NUE schemes drew from distinct funding pots, ensuring that one scheme does not impact the deliverability of the other.

b)    Of the £100 million lent across all NUE schemes, the default rate was £143,000, the last default being in 2011.

RESOLVED that the Growth, Economic Development and Communities Cabinet Committee made comments and endorsed the Cabinet Member for Economic Development & Coastal Regeneration to:

a)    AGREE to up to £6m from the Kent & Medway Business Loan Fund (KMBF) being made available for No Use Empty (NUE) to administer short term secured loans to support specific NUE Commercial projects which would provide wider economic and employment opportunities and benefits as well as generating income, through interest payments. The value of an individual loan under this proposal is likely to be more than the £600k cap on loans which are administered by the KMBF team; and

b)    DELEGATE to the Corporate Director of Growth, Environment and Transport in consultation with the Section 151 officer or the Cabinet Member responsible for Finance for approval to spend: and

c)    DELEGATE to the Corporate Director for Growth Environment and Transport to take appropriate actions, including but not limited to, entering into legal agreements (loan agreements and legal charges), consider and approve requests which may require consent and discharge of legal charges, as necessary to implement this decision as shown at Appendix A.