Decision details

Having considered a confidential officer report, and a presentation by the

Cabinet Member for Housing, Councillor Damien Egan, the Mayor, for the

reasons set out in the report:

RESOLVED that:

(1) the rationale for pursuing a joint venture approach to housing development

be noted; 

(2) the likely outline financial arrangements for the scheme be noted;

(3) officers commence a process to select an investment partner with whom to

form that LLP, and to finalise with that partner the proposed detailed terms of

the partnership;

(4) authority to select the shortlist of potential bidders be delegated to the

Executive Director of Resources and Regeneration;

(5) authority to negotiate a variant to the proposed preferred 50:50 Joint

Venture model be delegated to the Executive Director of Resources and

Regeneration;

(6) the final proposal negotiated through this exercise be subject to final

approval from Mayor and Cabinet, and that this is likely to be sought in early

2017;

(7) the position with the New Cross Gate Trust be noted and the key aspects

of the Heads of Terms as set out be approved;

(8) delegated authority be given the Executive Director for Resources and

Regeneration to enter into further negotiations with the New Cross Gate Trust.

(9) an additional stated capital programme budget be approved in order to

fund the additional tasks that will be required throughout the procurement

process, until the point of returning to Mayor and Cabinet in early 2017.