Issue - meetings

Brent Housing Zones – Programme Funding and Wembley Partnership Structure

Meeting: 19/06/2017 - Cabinet (Item 10)

10 Brent Housing Zones – Programme Funding and Wembley Partnership Structure PDF 107 KB

This report provides a further update on the Wembley Housing Zone and seeks

endorsement to the ongoing negotiations with developer HUB to agree the

Wembley partnership structure (a Joint Venture between the council and

developer HUB or vehicle managed by HUB, such as Chesterfield House

Partners LLP) and the preferred development option and funding structure

To deliver the vision and objectives for the eastern ‘fringe’ of Wembley

Town centre.The report also considers the financial implications of the

proposals and seeks commitment to continued funding of the Housing Zones

programme by the council in Wembley and Alperton.

Additional documents:

Appendix 1 , View reasons restricted (10/2)
Appendix 1A , View reasons restricted (10/3)
Appendix 2 , View reasons restricted (10/4)
Appendix 3 , View reasons restricted (10/5)
Appendix 4 , View reasons restricted (10/6)
Appendix 5 , View reasons restricted (10/7)
Appendix 6 , View reasons restricted (10/8)

Decision:

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.

Minutes:

Councillor Sharma Tatler, Cabinet Member for Regeneration, Growth, Employment and Skills, introduced the report updating members on the Wembley Housing Zone. The report sought: endorsement of the ongoing negotiations with developer HUB to agree the Wembley partnership structure; and approval of the preferred development option and funding structure to deliver the vision and objectives for the eastern ‘fringe’ of Wembley Town centre. The delivery options considered by the council were set out within the report and the analysis of these provided at Appendix 3 to the report. Option 4 had been identified as the preferred delivery option as it would give the council comprehensive regeneration of Wembley High Road, greater financial return and potential to increase provision of affordable housing.

Councillor Tatler stated that the report also considered the financial implications of the proposals and sought commitment to continued funding of the Housing Zones programme by the council in Wembley and Alperton.

In making their decision, the Cabinet had before them Appendices 1 to 6 of the report which were exempt from publication by virtue of paragraph(s) 3 of Part 1 of Schedule 12A of the Local Government Act 1972, namely: Information relating to the financial or business affairs of any particular person (including the authority holding that information).