Decision details

Cabinet will be asked to consider options for the Rainham and Beam Park joint vernture.

The Cabinet approved the Rainham and Beam Park Regeneration LLP – Review of Delivery Options and Selection of a preferred option

1.     Approval was given for the Council to acquire the Notting Hill Commercial Properties (NHCP) interest in the Rainham and Beam Park Regeneration LLP (LLP) via entering into a Member Interest Purchase Agreement, as set out in the Exempt Agenda and summarised in the Heads of Terms at Exempt Appendix A for a full and final consideration at the appropriate time;

2.     Approval was given for the Council to provide a budget as set out in the Exempt Agenda for the Council to undertake the acquisition of assets assembled by Notting Hill Genesis (NHG) on behalf of the LLP as set out in this report;

3.     Authority was given for the Strategic Director Place, acting in consultation with the Section 151 Officer and Monitoring Officer, to negotiate and complete the acquisition of the assets following conclusion of the necessary due diligence within the budget set out at Recommendation 2.

4.     Approval was given by the Council (acting as Member of the LLP) for the termination by the LLP of the following agreements:

a.     Development Management Agreement;

b.     Administrative Services Agreement; and

c.     Strategic Land Agreement

as set out in as set out in the Exempt Agenda and summarised in the Heads of Terms at Exempt Appendix A, at the appropriate time;

5.     Approval was given by the Council (acting as Member of the LLP) for the LLP to enter into the Member Interest Purchase Agreement as set out in the Exempt Agenda report and summarised in the Heads of Terms at Exempt Appendix A at the appropriate time;

6.     Approval was given for the termination by the Council of:

a.     the Strategic Land Agreement; and

b.     the CPO Indemnity Agreement,

as set out in the Exempt Agenda report and summarised in the Heads of Terms at Exempt Appendix A, at the appropriate time;

7.     Authority was given for the Strategic Director Place, acting in consultation with the Monitoring Officer and Section 151 Officer, to finalise and enter into all necessary legal and commercial agreements, to bring into effect the proposed arrangements in Recommendations 1-6 inclusive.

8.     Authority was given for the Strategic Director Place, acting in consultation with the Lead Member for Development & Regeneration to enter into such documents and do such acts as necessary to resolve any existing disputes under the CPO Indemnity Agreement in order to allow the CPO Indemnity Agreement to come to a natural end following the purchase of NHCP’s member interest.

9.     Authority was given for the Strategic Director Place, acting in consultation with the Section 151 Officer and Monitoring Officer, to establish a new Nominee Company prior to the completion of the acquisition referred to in Recommendation 1, in order to support the continuation of the LLP (such Nominee Company to be the second member in the LLP with the Council after the exit of NHCP) and to enter into all necessary legal and commercial agreements in order for that Nominee to be established as a Member in the LLP;

10.Authority was given for the Strategic Director Place, acting in consultation with the Director of Property (new structure), the Monitoring Officer and the Section 151 Officer, to complete the review of the options for the long-term funding and delivery of the regeneration of Rainham and Beam Park, including interim uses of the sites transferred subject to Recommendation 2, and to produce a further report for Cabinet consideration.