Decision details

RESOLVED:

10.1          Cabinet endorsed the preferred development option of identified sites as set out in Appendix 1a of the report from the Strategic Director Regeneration and Environment, including the council’s surplus former Copland School land and Ujima House and car park, to be delivered through the Housing Zones programme;

10.2          Cabinet approved the preferred delivery option of forming a Joint Venture Vehicle with developer HUB or vehicle managed by HUB, such as Chesterfield House Partners LLP, as approved by the council;

10.3          Cabinet noted that a future report to Cabinet will seek approval of the terms of:

i)      a Collaboration Agreement

ii)     a Joint Venture Agreement to create and enter into a Joint Venture Vehicle with developer HUB or vehicle managed by HUB, such as Chesterfield House Partners LLP, as approved by the council;

10.4          Cabinet noted that in entering into a Collaboration Agreement, Joint Venture Agreement and forming the Joint Venture Vehicle, the council’s financial liability shall be negotiated to be no greater than the costs incurred in preparing a planning application and developing the business plan and related strategies;

10.5          Cabinet noted that a further Cabinet report will seek:

i)      Endorsement of the final business plan and detailed financial appraisal

ii)     Authority to transfer the council owned sites into the Joint Venture Vehicle

iii)    Authority for up to 50% of the development financing to be provided to the Joint Venture Vehicle.

10.6          Cabinet agreed seed-funding of £1.615m to continue the council’s work in both Wembley Housing Zone and Alperton Housing Zone;

10.7          Cabinet endorsed completion on the purchase of Ujima House by 29th June 2017 with the council taking any potential business rates liabilities and other holding costs until demolition and redevelopment, in order to retain the council’s stake on the north of Wembley High Road and control of the Wembley Housing Zone programme;

10.8          Cabinet agreed that, should the acquisition of Network Rail land not proceed, the council could continue with a smaller development programme including Ujima House, former Copland School land and other sites as agreed by the council.