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Issue details

ESSEX CLOSE SITE: FUNDING DRAWDOWN & APPROPRIATION OF LAND

Cabinet is recommended to:

 

Funding Drawdown

·         Agree that the Council make a loan available to Sixty Bricks Ltd of a specified amount (appendix B) on the basis of the draft loan agreement (Appendix E) and the business case  (appendix B) for the South Grove – Site C project.

·         Agree that the Council makes an equity investment in Sixty Bricks Ltd of a specified amount, on the basis of the draft agreement, appendix E.

·         Agree that the Council enters into a development agreement with Sixty Bricks Ltd on the basis of the draft agreement, appendix E.

·         Delegate to the Director of Property and Asset Management in consultation with the Corporate Director of Housing to buy back any commercial or non-commercial leaseholder interests to enable the progression of the scheme

·         Delegate to the Assistant Director of Housing Strategy and Development in consultation with the Portfolio Lead Member for Economic Growth and High Streets and the Head of Supply Chain (Place) the authority to novate existing contracts in relation to this development from the Council to Sixty Bricks Ltd.

 

Appropriation of Land

·         To approve that the Council appropriates to planning purposes under section 122 of the Local Government Act 1972 the land identified as edged red on the attached plan (Appendix A).

·         Cabinet notes the strategy for negotiating compensation payments for third parties whose rights may be affected by the proposed development.

·         Approve the use of statutory powers under Section 203 of the Housing and Planning Act 2016 to override easements and other third-party rights to facilitate development subject to the implementation of the negotiating strategy

The above decision is recommended to ensure that the proposed housing development at Essex Close can proceed.

 

Decision type: Key

Reason Key: Significant Expenditure or Savings;

Decision status: For Determination

Wards affected: High Street;

Notice of proposed decision first published: 02/08/2019

Anticipated restriction: Part exempt  - View reasons

Decision due: 5 September 2019 by Cabinet

Lead member: Portfolio Lead Member - Economic Growth and Housing Development

Lead director: Stewart Murray

Department: Housing and Growth

Contact: Jennifer Daothong, Assistant Director, Housing Strategy and Development Email: jennifer.daothong@walthamforest.gov.uk Email: jennifer.daothong@waltamforest.gov.uk.

Consultation process

Any comments to be made in writing or by e-mail to the report author *at least one month prior to the date the decision is to be taken.

 

Consultees

Cabinet

 

Portfolio Holder

Decisions

Agenda items

Documents

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