The report before Cabinet introduced by the Leader, Councillor Roger Ramsey detailed the regeneration of Bridge Close and the approval sought to establish a Limited Liability Partnership to deliver the scheme which will include a school, health centre and affordable housing.

The objective is to secure comprehensive regeneration in an area which currently consists of poor dated housing and light industrial units.  The site is bordered by the River Rom to the east and the railway to the north.  The ring road is on both other sides and this has created an island effect. The east west link in particular will benefit the regeneration of the whole of west Romford.

A number of options for the regeneration have been considered.  The proposed JV LLP will be set up for the specific purpose of developing the Bridge Close site to meet the Council’s regeneration objectives.  The London Borough of Havering and First Base BCR will each have a 50% membership with the Council retaining the freehold of the entire site.

It is anticipated that a planning application will be submitted mid-2018.  The key outcomes based on current modelling are envisaged to be:

·   1,070 new homes (including at least 30% affordable homes);

·   a 3 form entry primary school;

·   a local health facility;

·   commercial floor space, likely to be flexible workspace and small retail/ leisure;

·   a new pedestrian and cycle bridge from Bridge Close to near Romford station;

·   environmental improvements to the River Rom; and

·   a site of religious worship (on or off-site). 

·   Support to the provision of ambulance service facilities to serve the Havering area.

This will form an important part of the masterplan to regenerate central Romford and generate much needed housing.

As well as being an investor, First Base Limited will provide project and developmental management services to the JV LLP via the Development Management Agreement.

 The business will be brought to Cabinet for approval each year and Saville’s will provide a guarantee in respect of First Base.  Compulsory purchase will be invoked and will give rise to a very generous compensation package and officers will now move to finalise this.

The legal and financial framework will go to Council in February, 2018.

Following discussion,

Cabinet:
 

1. Approved the inclusion of the scheme with a budget of £75.1m within the proposed capital programme that will be considered by Cabinet in December 2017 and recommended to Council for final approval in February 2018.

2. Noted that a further report addressing the governance framework and staff resources required to develop and deliver the Bridge Close scheme and other economic development schemes will be presented for consideration and approval by Cabinet in December 2017.

3. Authorised the Head of Procurement to publish a Voluntary Ex Ante Transparency notice in the Official Journal of the European Union in respect of the appointment of First Base Bridge Close Regeneration LLP as development partner 

4. Agreed to waive the Contract Procedure Rules and Contract Standing orders to the extent necessary to give effect to these decisions.

Subject to the approval of the required budget and funding at recommendation 1 above, that Cabinet:

5. Agreed to establish a Limited Liability Partnership for the purpose of meeting the Council’s regeneration objectives for Bridge Close by entering into a Members’ Agreement with First Base Bridge Close Regeneration LLP (company registration number OC413480 (and called FB BCR LLP)) on the basis of the appended Business Case and the Legal Summary appended to the exempt agenda report. 

6. Delegated to the Leader, after consultation with the Deputy Leader and Director of Neighbourhoods, the authority  to agree the name of the JV LLP, negotiate the final detailed terms of the agreements being entered into, and authority to agree that the Council enter into the following agreements:

·       Members’ Agreement;

·       Land Agreement;

·       CPO Indemnity Agreement;

·       Any ancillary agreements or documents necessary to give effect to the setting up of the JV LLP in accordance with this Report and its appendices (all as described in the Legal Summary appended to the exempt agenda report).

7. Authorised the JV LLP to enter into the Development Management Agreement with First Base Ltd (company registration number 04541136) when in agreed form.

8. Delegated to the Leader, after consultation with the Director of Neighbourhoods, authority to agree the terms of the Development Management Agreement referred to in recommendation 7 on behalf of the Council as Member of the JV LLP established in accordance with recommendation 5.

9. Delegated to the Leader, after consultation with the Director of Neighbourhoods, authority to approve the first Business Plan of the JV LLP on behalf of the Council.

10. Delegated to the Deputy Leader, after consultation with the Director of Neighbourhoods, authority to approve the consultation and communication plans for the regeneration of Bridge Close.