WARRINGTON Borough Council looks set to provide a loan of up to £5 million to Wire Regeneration to promote ‘economic regeneration’.
If approved, it will be used to the redevelopment of St James Business Centre.
The council’s cabinet will make a decision at its meeting on Monday.
In a report to cabinet on the ‘revolving credit facility’, it says the loan to Wire Regeneration Ltd was previously agreed by cabinet in November 2021, with this report seeking approval ‘on the detail’ of the loan.
The purpose of the move is to ‘extend the term of the joint venture agreement’ with Wire Regeneration Ltd and LPP Wire Ltd by a further five years.
Wire Regeneration is a joint venture company between Warrington Borough Council and LPP Wire Limited, originally Langtree Land and Property PLC and then Langtree Property Partners Limited, formed in 2014.
The report says the reason to recommend the loan is for the ‘promotion of economic regeneration’ in the town.
It adds: “The organisation was set up to provide regeneration and development in the town’s Southern Gateway region and is based at the St James Business Centre.”
The cabinet is recommended to ‘note the risks’ set out in the part two report, which is a private document, and consider whether to approve proceeding with the loan on the basis of the ‘security package presently offered’.
Furthermore, subject to this, the cabinet is recommended to consider whether or not to approve the council entering into a loan of up to £5 million with Wire Regeneration.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel