Cabinet will be asked to approve the Bridge Close Regeneration regeneration delivery arrangements.

Cabinet AGREED:

1.     Approval be given for the Council to acquire  FB BCR LLP’s  interests in BCR LLP, as set out in this report and summarised in the proposed terms at exempt Appendix E;

2.     Approval be given for the termination by BCR LLP of the Development Management Agreement between BCR LLP and First Base Limited, as set out in this report and summarised in the proposed terms at exempt Appendix F;

3.     Authority be given for the Director of Regeneration, 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 BCR LLP (such Nominee Company to be the second member in BCR LLP after the exit of FB BCR LLP);

4.     Approval be given for the Council to provide funding to enable the completion of the purchase of a commercial property on Bridge Close, Romford, as set out in this report, subject to the Council being provided with an A- or C-Loan Note in its favour, as appropriate and as provided for in the exempt agenda report;

5.     Authority be given for the Director of Regeneration, acting in consultation with the Monitoring Officer and Section 151 Officer, to finalise and enter into all necessary legal agreements, to bring into effect the proposed arrangements in Recommendations 1-4 inclusive.

6.     Authority be given for the Director of Regeneration, acting in consultation with the Director of Housing, 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 Bridge Close, and to produce a further report for Cabinet consideration.