Decision details

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

Decision Maker: Strategic Director - Regeneration and Environment

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

Approval for authority to enter into a commercial agreement and funding agreement in relation to Olympic Way Zone C.

Decision:

(1)     To approve the Council entering into a commercial agreement with Wembley Park Limited for the future sharing and reinvestment of net income generated through assets created through Olympic Way Zone C public realm improvements, on the basis set out in Appendix 1 (exempt) of the accompanying report, having consulted with the Lead Member of Regeneration, Property & Planning.

 

(2)     To approve entering into a funding agreement with Quintain Limited to contribute up to £12.1 million + VAT for Works to Zone C.

 

(3)     To approve the variation of the commercial agreement in respect of Zones A and B dated 19th August 2019 to ensure consistent expiry and termination provisions between it and the commercial agreement in respect of Zone C.

 

Reasons for the decision:

As detailed within the accompanying report.

Alternative options considered:

As detailed within the report.

Interests and Nature of Interests Declared:

None.

Wards Affected: Tokyngton;

Cabinet/Committee Decision or Scheme of Delegation: Officer Scheme of Delegation following Cabinet.

Parties Consulted: Lead Member for Regeneration, Property & Planning

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

Publication date: 01/05/2020

Date of decision: 01/05/2020

Effective from: 12/05/2020

Accompanying Documents: