As a result of COVID and other challenges in
the retail market, Market Asset Management Darlington approached
DBC for financial assistance to ensure they could continue to trade
and deliver the refurbished Market (circa £1.8m investment by
MAMD).
To assist MADM with cashflow it was agreed that loan interest and
principle charges would be deferred until 1 April 2022 at which
time, full repayment of the loan would commence on a 10-year term
therefore there is no financial impact on the council as the loan
is still to be repaid in full.
To give direct financial assistance, a discretionary grant of
£40,000 was approved from the Council’s discretionary
business grant scheme and a two-year rent free period (cash to the
Council £20,000) was agreed.
Decision type: Non-key
Decision status: Recommendations Approved
Notice of proposed decision first published: 20/07/2020
Decision due: 7 Jul 2020 by Managing Director
Contact: Paul Wildsmith, Managing Director Email: [email protected].
Consultation process
All of Cabinet.