Councillor Robert Benham,
Deputy Leader and Cabinet Lead Member for Education, Children and
Families outlined the report to Cabinet.
On 15th November,
2017, Cabinet approved a Limited Liability Partnership (LLP) for
the purpose of meeting the Council’s regeneration objectives
for Bridge Close. The Capital budget was approved in February, 2018
and then on 4th April, 2018, the legal agreements were put in place
for the JV, with private sector partners, Savills Investment
Management and First Base.
The Council’s overarching
vision for the JV was and remains the facilitation of regeneration
of a key area of the Borough and to deliver truly affordable homes
for local people. The development will
transform the area comprising the following:
·
1070 new homes of which 30% will be
affordable
·
A 3 form of entry Primary School
·
A Local Health Hub Facility
·
Commercial Floor Space
·
Improved East – West links including a new
pedestrian and cycle bridge; and
·
Environmental Improvements to the River
Rom.
The report is the annual update
of the activity of the Bridge Close Regeneration JV and a review of
its plans, future financial projections and funding requirements
for 2019/20.
There followed general
discussion some of which occurred in closed session.
Cabinet:
- Agreed the Bridge Close Regeneration
LLP Business Plan 2019, as attached at Appendix A.
- Agreed that the Leader of the Council,
after consultation with the S151 Officer, the Director of
Regeneration and the Director of Legal and Governance, approve
detailed business cases, related viability assessments, funding
arrangements and legal agreements as may be presented during the
Business Plan 2019 period.
- Agreed to Endorse and Recommend to
Council budget allocation to include £111.7 million within
the proposed capital programme.
- Agreed, in the event of approval of 2
and 3 above, to delegate to the Director of Regeneration, after
consultation with the S151 Officer and the Director of Legal and
Governance, the authority to take all steps to enable the approval
of the terms of the agreements associated with the Council’s
acquisition of interests from Bridge Close Regeneration LLP
relating to a new primary school, a health hub and affordable
housing, including any related financial arrangements and the
appointment of relevant professionals.
- Agreed in principle for the Council to
facilitate third party lending of debt to the Bridge Close
Regeneration LLP.
- Agreed, in the event of approval of 5
above,that the s151 Officer responds to the service of any notice
served by the Bridge Close Regeneration LLP, indicating a
willingness or otherwise to participate in making third party debt
available from the Council, subject to contract and due
diligence.
- Agreed, in the event of approval of 5
above, that the s151 Officer, after consultation with the Chief
Executive and The Leader of the Council, may enter into funding
agreements consistent with the Treasury management Strategy and
Councils Scheme of Delegations.