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: