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Agenda, decisions and minutes

Venue: Council Chamber - Waltham Forest Town Hall. View directions

Contact: Anthony Jackson, Democratic Services Officer 

Items
No. Item

1.

APOLOGIES FOR ABSENCE AND SUBSTITUTE MEMBERS

Minutes:

No apologies for absence were received.

2.

DECLARATIONS OF INTEREST

Members are required to declare any pecuniary or non-pecuniary interest they or their spouse/partner may have in any matter that is to be considered at this meeting.  Interests are defined in the front cover of this agenda.

Minutes:

There were no declarations of interest.

3.

MINUTES OF PREVIOUS MEETING pdf icon PDF 61 KB

Minutes:

The minutes of the meeting, held on 20 March 2018, were approved as a correct record and signed by the Chair. 

4.

EXCLUSION OF PRESS AND PUBLIC

Minutes:

There were no members of the press and public present at the meeting.

5.

SIXTY BRICKS PHASE 1 DEVELOPMENT PROGRAMME pdf icon PDF 124 KB

Additional documents:

Decision:

Shareholder Committee:

 

(1)          approved proceeding to develop the Sixty Bricks Phase 1 outline scheme proposals through detailed design to planning submission and approval, noting that costs incurred are at the Council’s risk;

 

(2)          noted the indicative funding/loan requirements for each site and overall total programme costs;

 

(3)          noted that once planning has been secured for a scheme, each scheme will be brought to Cabinet for an approval for the Council to enter into the following agreements with Sixty Bricks Ltd:

 

(a)             a development funding facility for the scheme

(b)             an equity subscription

(c)             a development agreement

 

(4)          noted and approved working capital requirements for Sixty Bricks running costs as detailed financial implications section 7.13 and 7.14 of the report.

 

OPTIONS & ALTERNATIVES CONSIDERED

 

The Council and Sixty Bricks will look at several options throughout the consultation and design process and consider any alternative options arising from the consultation. This will ensure delivery of the most socially and economically efficient schemes for use of this land for residents of Waltham Forest.

 

One option is that the Council do not proceed with the developments and maintain the existing uses. This option will not help the Council achieve its housing targets set out in the Housing Strategy 2008-2028 and further investment will be required to maintain the existing uses.

 

 

Minutes:

Jennifer Daothong - Assistant Director of Housing Strategy and Development introduced the report. 

 

Darren Welsh – Chair of the Sixty Bricks Board stated that there were a number of Council-appointed Board Members and that officers were considering how the Board could be reshaped and re-skilled.  Mr Welsh said that phase 1 of the programme would be fully delivered over three years. 

 

James Briggs - Development Director for Sixty Bricks and Mr Welsh then provided a presentation on Sixty Bricks Pipeline Phase 1. The slides from the presentation will be published on the Council’s website as an appendix to these minutes. 

 

In response to a question from Councillor Ali, Councillor Miller explained that the target for affordable housing was 50% across the Council’s housing portfolio.  He added that the key issue was how much of that affordable housing would be dedicated to social housing.  He confirmed that he hoped that the borough would have up to 1,400 Council homes delivered directly or through Sixty Bricks in the next five years. 

 

Councillor Loakes asked whether the proceeds from the two properties at Orford road earmarked for disposal were ring-fenced for any other sites.  Mr Briggs confirmed that these proceeds would be used to fund affordable housing contributions on other SixtyBricks schemes and that he would work with the Company Secretary to ensure this was made clear in the company accounts. 

 

 

Decision

 

Shareholder Committee:

 

(1)          approved proceeding to develop the Sixty Bricks Phase 1 outline scheme proposals through detailed design to planning submission and approval, noting that costs incurred are at the Council’s risk;

 

(2)          noted the indicative funding/loan requirements for each site and overall total programme costs;

 

(3)          noted that once planning has been secured for a scheme, each scheme will be brought to Cabinet for an approval for the Council to enter into the following agreements with Sixty Bricks Ltd:

 

(a)             a development funding facility for the scheme

(b)             an equity subscription

(c)             a development agreement

 

(4)          noted and approved working capital requirements for Sixty Bricks running costs as detailed financial implications section 7.13 and 7.14 of the report.

 

 

6.

Sixty Bricks Pipeline Phase 1 - Presentation pdf icon PDF 12 MB