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Decision details

Opportunity Investment Fund – award of contract to Unit 58 Ltd

Decision Maker: Assistant Director for Area Regeneration

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Decision:

This report seeks approval under delegated authority for the award of a loan agreement to Unit 58 Ltd for the value of £45,000.

The business will use the loan in order to complete the redevelopment as described.
Unit58 were awarded a loan of £125,000 in November 2017 to refurbish a unit on Millmead Industrial Estate for creative artist/music production businesses. Due to the increase in costs including structural engineer delays, unanticipated building control requirements and an increase in materials costs of 15-20% over and above contingency levels, the Director of UNIT58 Ltd requested an additional loan of £45,000 to complete the works.
In addition to the commitments that they have made in their previous loan they have created another work space and have pledged to the Tottenham Charter.
The additional OIF loan will be used specifically for the completion of the development.

Reasons for the decision:

Officers’ recommendations have been approved by the Tottenham Programme Delivery Board on 18 October 2018, following evaluation of a funding application by officers, including the OIF Advisory Group made up of officers from LBH and GLA.

The recommendation is to award Unit 58 Ltd a loan agreement for the value of £45,000.

Alternative options considered:

The project has been recommended for approval based on the evaluation of an application and business plan solicited through an open bidding round.

The evaluation process is set out in the application pack and assesses applicants’ proposals on the contribution to core criteria of the fund, strategic objectives as set out in the Tottenham Strategic Regeneration Framework and the financial and operation competency of the applicant.

Conflicts of interest - Executive decisions: N/A

Conflicts of interest - Non executive decisions: N/A

Contact: Jordanne Robinson Email: jordanne.robinson@haringey.gov.uk.

Publication date: 26/11/2018

Date of decision: 13/11/2018

Accompanying Documents: