Cabinet:

1.         Agreed in principle:

a.         for an option from Havering College to acquire the Quarles Campus site (which can be assignable to another body or party of the Council’s choice);

b.         the provision of a loan(s) up to  £10 million from the Council to Havering College.

2.         Noted that the Leader (after consultation with the the Section 151 Officer, the Director of Legal and Governance and the Head of Property (OneSource)) shall finalise the terms of the proposed arrangements and if he is satisfied as to their terms (and such other matters as he deems relevant) authorise the Council to enter into such agreements as may be necessary to give effect to the the proposed option and loan.

3.         Delegated to the Section 151 Officer the undertaking of financial due diligence on the proposals and for the Section 151 Officer  to report to the Leader as to the outcome of such due diligence including:

a.         the ability of Havering College to repay such loan;

b.         such other matters as the Section 151 Officer  deems appropriate.

4.         Delegated to the Head of Property – OneSource (after consultation  with the Director of Legal and Governance) the undertaking of property due diligence in relation to the Quarles Campus and to report to the Leader as to the existence and removal of any impediments which would prevent the option agreement being entered into and/or limit the future uses of that site.