Report and appendices attached.
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 ... view the full decision text for item 60
Cabinet was presented with the Havering and Wates Regeneration LLP Business Plan and Budget 2023/2024
Report introduced by Councillor Graham Williamson.
This Cabinet Report provides an annual update of the Havering and Wates Joint Venture Business Plan as required by Cabinet. When Cabinet agreed to establish the Havering and Wates ... view the full minutes text for item 60