Agenda item

Cabinet:

1. Approvedthe draft Rainham and Beam Park Regeneration Joint Venture LLP Overarching Business Plan 2019-20, full details of which are contained within the Exempt Agenda Report.

2. Agreed that the Leader of the Council and Cabinet Member for Housing after consultation with the s151 Officer, the Chief Executive Officer and the Director of Legal and Governance, approve the finalised Overarching Business Plan 2019-20, and possible later incorporation of an additional site known as the ‘Rainham Opportunity Site’ as may be presented during the Business Plan 2019-20 period.

3. Agreed to Endorse and Recommend to Council the budget allocation set out in this report to include the related site known as ‘Rainham Opportunity Site’ with the Rainham and Beam Park Regeneration Scheme.

4. Agreed that the s151 Officer, after consultation with the Cabinet Member for Housing, responds to the service of any notice as described in Section 8.4 of this report, served by the Rainham and Beam Park Regeneration Joint Venture LLP, indicating a willingness or otherwise to participate in making third party debt available from the Council, subject to contract and due diligence.

5. Agreed 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 Council’s Scheme of Delegation.

6. Agreed the revised capital profile which brings forward £1.5m capital expenditure from 2019/20 to 2018/19.

Councillor Joshua Chapman, Cabinet Lead Member for Housing presented the report to Cabinet detailing the Rainham and Beam Park LLP Business Plan and budget update. In March 2018, the London Borough of Havering entered into a Joint Venture (JV) with Notting Hill Genesis.  This JV was established to stimulate the regeneration of the A1306 between Rainham and the site now known as Beam Park.  It is planned that this activity will unlock investment in housing and infrastructure in South Hornchurch, Rainham and Wennington Wards.

Nine sites were identified in March 2018 when the first Overarching Business Plan of the JV was approved.  The 2018/19 Plan showed exactly how the JV would work to deliver the schemes on these sites.  Since inception, the JV has made good progress with site assembly and is also securing planning consents.  Two of the outstanding consents have been scrutinised by the GLA by virtue of their size.  As a result of that review the JV has had an opportunity to increase housing numbers.

In 2018, the JV set a target of 774 new homes.  However, in this Overarching Business Plan the JV have proposed a target of 866 new homes of which 35% will be affordable.  The JV is also investigating opportunities for further development.  One case has been considered in the report which has the potential to increase the target number to 1,042 new homes of which again 35% would be affordable.

The report presented to Cabinet is the annual update report of the activity of the Rainham and Beam Park LLP and a review of its plans, future financial projections and funding requirements for 2019/20.

The report recommends that Cabinet agree the Business Plan 2019/20, noting the significant regeneration for Rainham, the contribution towards Havering’s target for housing delivery and the expected financial returns anticipated in the Plan.

Approval is also being sought for funding to include an additional site in the JV and if this is agreed the JV will be asked to include the additional site which will be identified as the Rainham Opportunity site.

Cabinet proceeded to discuss this matter with some of the discussion going into closed session.

Cabinet:

1. Approvedthe draft Rainham and Beam Park Regeneration Joint Venture LLP Overarching Business Plan 2019-20, full details of which are contained within the Exempt Agenda Report.

2. Agreed that the Leader of the Council and Cabinet Member for Housing after consultation with the s151 Officer, the Chief Executive Officer and the Director of Legal and Governance, approve the finalised Overarching Business Plan 2019-20, and possible later incorporation of an additional site known as the ‘Rainham Opportunity Site’ as may be presented during the Business Plan 2019-20 period.

3. Agreed to Endorse and Recommend to Council the budget allocation set out in this report to include the related site known as ‘Rainham Opportunity Site’ with the Rainham and Beam Park Regeneration Scheme.

4. Agreed that the s151 Officer, after consultation with the Cabinet Member for Housing, responds to the service of any notice as described in Section 8.4 of this report, served by the Rainham and Beam Park Regeneration Joint Venture LLP, indicating a willingness or otherwise to participate in making third party debt available from the Council, subject to contract and due diligence.

5. Agreed 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 Council’s Scheme of Delegation.

6. Agreed the revised capital profile which brings forward £1.5m capital expenditure from 2019/20 to 2018/19.