£4 million in loans approved behind closed doors
More than £4 million in loans have been approved by the West Midlands Combined Authority (WMCA) in private meetings, it has been revealed.
Minutes from the WMCA’s Investment Board show that the board approved three separate loans of £1,445,000, £1,535,000 and £1,175,000 during its monthly meeting in October – totalling £4,155,000.
The meeting and subsequent approvals took place behind closed doors, yet the minutes from the meeting have since been published on the WMCA’s website.
Two of the loans have been approved to help with house building in the region.
One, of £1,445,000, is to be made to Lioncourt Homes “to assist with the delivery of 84 residential units at Mill Lane, Langley” in Oldbury. The money will be provided from the WMCA Land Fund.
And another, of £1,535,000, will help “to assist with the delivery of 88 residential units (66 for private rental and 22 affordable) at Raleigh Street, Walsall.” The money for this will be provided from the Land Fund and Brownfield Land and Property Development Fund.
The third loan was granted for the regeneration of Nuneaton town centre, and totalled £1,175,000. Cash was granted from the Brownfield Land Fund towards land remediation, asbestos removal and viability grant support “in respect of core town centre 2.3 ha site, which was underutilised currently run-down shopping area and car park.”
