Decision details

Exeter Science Park Guarantee

Decision Maker: Executive, Council

Decision status: For Determination

Is Key decision?: No

Is subject to call in?: No

Purpose:

 

Report of the Chief Finance Officer on Exeter Science Park.

 

Decisions:

The Director (J-PH) declared an interest and left the meeting room for the duration of this item.

 

The Executive Committee received the report which sought Council approval to provide a guarantee for lease payments payable by Exeter Science Park Ltd to the University of Exeter. This would be in line with the percentage of shareholdings by Exeter City Council for the total value of the lease payments due.

 

Particular reference was made to the amendments of the report recommendations to remove the second recommendation listed in the report and to increase the guarantee value to £950,054.76. Members were presented with a summary on the ownership and overview for the reasons to provide a guarantee to Exeter Science Park, with it being confirmed that the risk for any call in, on the guarantee was low.

 

During the discussion, it was confirmed that the owners of Exeter Science Park were public sector organisations, who held control of the business plan. The other owners had agreed that with the low risk chances of the guarantee being called in, they had agreed to provide a guarantee.

 

RECOMMENDED that Council approve the provision of a guarantee to Exeter Science Park Ltd for a total value of up to £950,054.76.

 

Report author: David Hodgson

Publication date: 11/12/2019

Date of decision: 10/12/2019

Decided at meeting: 10/12/2019 - Executive

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