Decision details

Authority to enter into a commercial agreement and funding agreement in relation to Olympic Way

Decision Maker: Strategic Director - Regeneration and Environment

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Decision:

That the Strategic Director for Regeneration and Environment approves the Council’s entry into a commercial agreement with Wembley Park Limited for the future sharing and reinvestment of net income generated through assets on Olympic way on the basis set out in Appendix 1, having consulted with the Cabinet Member of Regeneration, Property & Planning AND approves entry into a funding agreement with Quintain Limited to contribute £5.7 million + VAT for Works to Zone B including Fulton Road Crossing following both the completion by Quintain Limited of Zone A works and approval of entry into the commercial agreement.

Reasons for the decision:

As set out in the accompanying report.

Alternative options considered:

As set out in the accompanying report.

 

Interests and Nature of Interests Declared:

None,

Reason Key: Signficant expenditure/savings of £500k or more;

Wards Affected: (All Wards);

Cabinet/Committee Decision or Scheme of Delegation: Part 3 of the Council Constitution - Officer Scheme of Delegation

Parties Consulted: Lead Member

Contact: Alice Lester, Operational Director - Regeneration, Growth and Employment Email: alice.lester@brent.gov.uk Tel: 020 8937 6441.

Publication date: 02/08/2019

Date of decision: 02/08/2019

Effective from: 10/08/2019

Accompanying Documents: