Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Cabinet will be asked to agree the Havering and Wates Regeneration LLP business plan for 2023/24 and associated actions and delegations
1. Agreed and recommend the inclusion of a budget of £77.722m equity for the 12 Sites including Farnham and Hilldene together with a budget of £70.148m for potential land acquisition/CPO costs within the proposed HRA capital programme that will be considered by Cabinet in January 2023 in the annual rent setting and capital programme report and that this is recommended to Council for final approval in February 2023.
2. Agreed to further forward funding for the remainder of phase 1 of the 12 Sites Programme, up to £66.647 million; for the development of the Waterloo and Queen Street Estate (an Increase of £33.687 million), and provide for an additional £1.700 million of forward funding on New Green (formerly known as Napier New Plymouth) and Park Rise (formerly known as Solar Serena Sunrise), subject to the approval of the required budget and funding referred to at Recommendation 1, and delegate authority to the Director of Regeneration to enter into the necessary forward funding agreements.
3. Approved the Havering and Wates Regeneration Joint Venture Business Plan dated January 2023, as attached as Appendix 2, subject to the approval of the budgets set out at Recommendations 1 and 2.
4. Delegated authority for the Director of Regeneration, in consultation with the Lead Member for Development and Regeneration, to agree on grant funding bids to support the 12 Sites regeneration programme in line with the assumed grant funding levels set out in Table 1 at Exempt Agenda.
5. Noted that the Leader of the Council, after consultation with the S151 Officer, the Director of Regeneration and the Director of Legal and Governance, shall be asked to approve detailed business cases and related viability assessments as may be presented under the Business Plan approved here dated January 2023.
6. Delegated authority to the Director of Regeneration to make variations to any of the existing joint venture agreements, as necessary, to implement any of the recommendations contained in this report.
7. Delegatedauthority to the Director of Regeneration, in consultation with the Leader of the Council, the Monitoring Officer and the Section 151 Officer, to accept grant funding up to the values set out in recommendation 4 (Table 1 Exempt Agenda) and enter into any required grant agreements or variations to existing agreements.
8. Noted the Leader of the Council, after consultation with the s151 Officer, the Director of Regeneration and the Director of Legal and Governance, has the authority to approve the business cases, related viability assessments and incorporation of the red line site known as Farnham & Hilldene scheme to be acquired entirely by the Council as may be presented during the Business Plan 2023-24 period.
9. Agreed to progress the development of Chippenham Road as a 100 per cent affordable scheme to be acquired by the Council, at a total development cost of approximately £57.992 million, with a final decision on the tenure of the 155 units to be agreed by the Director of Regeneration in consultation with the Director of Housing.
10. Noted that the Leader of the Council, after consultation with the s151 Officer, the Director of Regeneration and the Director of Legal and Governance, may be asked to approve the business cases, related viability assessments and incorporation of the red line site known as Royal Jubilee Court as may be presented during the Business Plan 2023-24 period.
11. Agreed that recommendation 11 is contained in the Exempt Agenda Report.
12. Authorisedthe Director of Regeneration to consider the appropriation of land at the appropriate time for Chippenham Road, Farnham and Hilldene district town centre and Royal Jubilee Court from the Housing Revenue Account (HRA) to the General Fund, for planning purposes and to consider the appropriation of land at the appropriate time back to the HRA.
13. Authorised the Director of Regeneration to review and approve the revised phasing plan for Waterloo and Queen Street as may be necessary and appropriate, in consultation with the Lead Member for Regeneration, the Director of Housing and the Section 151 Officer. The impact of any change will be included in the next Business Plan review report to Cabinet.
Report author: Maria Faheem
Publication date: 09/02/2023
Date of decision: 08/02/2023
Decided at meeting: 08/02/2023 - Cabinet
Effective from: 16/02/2023