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: