Cabinet:
 

1. Agreed the Bridge Close Regeneration LLP Business Plan 2019, as attached at Appendix A.

2. 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.

3. Agreed to Endorse and Recommend to Council budget allocation to include £111.7 million within the proposed capital programme.

4. 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.

5. Agreed in principle for the Council to facilitate third party lending of debt to the Bridge Close Regeneration LLP.

6. 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.

7. 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.

Councillor Robert Benham, Deputy Leader and Cabinet Lead Member for Education, Children and Families outlined the report to Cabinet.

On 15^th 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:
 

1. Agreed the Bridge Close Regeneration LLP Business Plan 2019, as attached at Appendix A.

2. 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.

3. Agreed to Endorse and Recommend to Council budget allocation to include £111.7 million within the proposed capital programme.

4. 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.

5. Agreed in principle for the Council to facilitate third party lending of debt to the Bridge Close Regeneration LLP.

6. 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.

7. 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.