Decision details

Opportunity Investment Fund – award of contract to Smoothies and Cream Organic 2 (SCO2)

Decision Maker: Director for Regeneration

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Decision:

Approval under delegated authority for the award of a loan agreement to Smoothies and Cream Organic 2 Ltd for the value of £60,000 subject to the signing of the lease for 286 High Road, Tottenham.
The applicant, a Northumberland Park resident who already operates a Tottenham High Road cafe, will use the loan to renovate and refurbish a vacant former cafe unit further south on Tottenham High Road and purchase equipment. Works include removal of fixtures and fittings, design and decoration including shop front and interior signage, replacement flooring and tiling. Equipment will include commercial fridge and freezer, refrigerated counter unit, cash register, tables and chairs, cutlery, pots and pans, juicer and coffee maker.

Reasons for the decision:

Officers’ recommendations have been approved by the Tottenham Programme Delivery Board on 6 March 2017, 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 SCO2 Ltd a loan agreement for the value of £60,000.

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 OIF 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: 18/07/2017

Date of decision: 11/04/2017

Accompanying Documents: