Decision details

Havering and Wates Regeneration LLP Business Plan and Budget 2020-2021

Decision Maker: Cabinet

Decision status: For Determination

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

Cabinet will be asked to approve The Havering and Wates Regeneration Joint Venture Business Plan and Budget.

Decision:

Cabinet:

 

1.     Agreed to endorse and recommend the inclusion of a budget of £121.6m equity for the 12 Sites and Chippenham Road scheme together with a budget of £76.4m (including £19.6m land assembly costs for Napier New Plymouth Blue Line) for potential land acquisition/CPO costs within the proposed HRA capital programme that will be considered by Cabinet in February 2020 in the annual rent setting and capital programme report and that this is recommended to Council for final approval in February 2020.

 

2.     Approved the Havering and Wates Regeneration Joint Venture Business Plan dated January 2020, as at Appendix 2 of the report.

 

3.     Agreed to forward fund phase 1 of the 12 Site Programme up to £45.4 million for the development of Napier and New Plymouth (£14.9 million), Solar, Serena and Sunrise Courts (£15.9 million) and the Waterloo Estate (£14.6 million and authorise the Director of Regeneration to enter into the necessary forward funding agreements.

 

4.     Authorised the Director of Regeneration to consider the appropriation of land at the appropriate time in work package one from the Housing Revenue Account (HRA) to the General Fund, for planning purposes and to consider the appropriation of land at the  appropriate time in work package one back to the HRA .

 

5.     Authorised the Director of Regeneration to enter into the build licence or build lease (as is appropriate) for sites within work package one of the 12 site regeneration programme, once the Council has met the Conditions Precedent for individual sites.

 

6.     Approved the budget of up to £8million for the demolition of the Waterloo Estate and Agree for the Director of Regeneration in consultation with the Director of Legal and Governance to enter into contract with the Havering and Wates JVLLP to carry out the demolition of the Waterloo Estate, subject to approval of the demolition application. 

 

7.     Approved the removal of the Delta Estate from the 12 site regeneration programme.

 

8.     Authorised the Director of Regeneration to enter into variations of any of the     existing joint venture documentation which is required to implement any of the     recommendations contained in this report.

 

9.     Authorised the Director of Regeneration to make all further changes to the documentation that the Director considers necessary or in his opinion appropriate from time to time

 

10.  Recommendation 10 was included in the Exempt Report and was agreed by Cabinet.

 

 

 

Report author: Neil Stubbings

Publication date: 13/02/2020

Date of decision: 12/02/2020

Decided at meeting: 12/02/2020 - Cabinet

Accompanying Documents: