Decision details
Opportunity Investment Fund – award of contract to LCR Music Company 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 LCR Music Company
Ltd for the value of £55,000.
The business will use the loan for the refurbishment and fit out of
premises to operate one large, fully equipped studio/event space,
two project/writing rooms and a smaller studio for hire.
OIF will be used specifically for soundproofing and
acoustic-treatment, building and building contractor costs, air
conditioning units, music / event production equipment, furniture,
alarm and a computer service.
Reasons for the decision:
Officers’ recommendations have been
approved by the Tottenham Programme Delivery Board on 15 November
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 LCR Music Company Ltd a loan
agreement for the value of £55,000.
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.
Publication date: 14/02/2019
Date of decision: 20/12/2018
Accompanying Documents: