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Issue details

SITE C, 74-79 BRUNNER ROAD, ST JAMES QUARTER PROJECT: FUNDING DRAWDOWN

Cabinet is recommended to:

·         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.

 

Decision type: Key

Reason Key: Significant Expenditure or Savings;

Decision status: Recommendations Approved

Wards affected: Markhouse;

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

Anticipated restriction: Part exempt  - View reasons

Decision due: 10 October 2019 by Cabinet

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

Lead director: Stewart Murray

Department: Housing and Growth

Contact: Jennifer Daothong, Director of Housing Delivery Email: Jennifer.Daothong@walthamforest.go.uk Email: jennifer.daothong@walthamforest.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

  • Document To Follow