Revision of funding arrangements from the Strategic Investment Fund.
The Combined Authority approved at the meeting on 14 July 2017 to provide up to £1.145million in grant support to Chancerygate to support the Mersey Reach project.
This project will deliver:
· A bespoke 35,144 sqft unit (Unit B) for Selco.
· 3 modern speculative warehouse units:
· Unit C – 42,517sqft
· Unit D – 11,517sqft
· Unit E – 21,614sqft
· A serviced 4.56 acre development plot (for Unit A) for future second phase of development
· A service 2 acre development plot for the development of a Euro Garages Petrol Station and Coffee Shop.
This is unchanged from the July 2017 report.
It is now proposed that instead of grant, the Combined Authority will provide a £4,512,500 loan facility on commercial terms to be provided on a 50/50 basis with Chrysalis (total loan £9.0m).
As well as allowing the Combined Authority to recoup its investment (with interest) this will also allow the developer to invest in two further projects in the City Region in Litherland and Speke.
Decision type: Key
Reason Key: Financial Impact;
Decision status: Recommendations Approved
Local Authorities affected: Sefton Metropolitan Borough Council;
Notice of proposed decision first published: 29/11/2018
Decision due: 8 Mar 2019 by Liverpool City Region Combined Authority
Lead director: Mark Bousfield
Making Representations: Mark Bousfield, Director of Commercial Development and Investment Email: firstname.lastname@example.org