Issue - meetings

Re-examine the funding decision for Olympic Way Improvements following the announcements of the possible sale of Wembley Stadium to a private individual/company

Statutory Notice PDF 152 KB

Meeting: 21/05/2018 - Cabinet (Item 10)

10 Re-examine the funding decision for Olympic Way Improvements following the announcements of the possible sale of Wembley Stadium to a private individual/company PDF 110 KB

Report to follow

Decision:

RESOLVED:

Cabinet RESOLVED that, if Wembley Stadium is sold to a private entity:

10.1 Cabinet re-examines the funding decision for Olympic Way improvements in the light of the possible change in ownership of Wembley Stadium and confirm that funding from Quintain and the Stadium owners forms a three way funding stream for Zone C.

10.2 Cabinet confirms or otherwise the contribution of up to £12.1 million towards Zone C improvements, such contribution being contingent on Quintain:

a) Not pursuing development of site NW04 adjacent to the Civic Centre to the extent currently permitted in the parameters plans associated with outline planning permission 10/3032

b) Working with the Council to deliver a development that better complements the role and setting of the Civic Centre, in particular creating a significant new square outside the Civic Centre Library

c) Agreeing a business plan and agreement, between Quintain and the council, for the future sharing and reinvestment of the net income generated through assets on Olympic Way in Zones A, B and C.

d) Securing up to one third funding contribution from Wembley Stadium owners.

10.3 Cabinet notes that if confirmed the total contribution for Olympic Way improvements will be up to £17.8 million.

10.4 Cabinet, subject to the level of funding contribution from Wembley Stadium owners for Zone C improvements as detailed in recommendation (d) above, delegate to the Strategic Director Regeneration and Environment in consultation with the Cabinet Member of Regeneration, Highways & Planning authority to agree the adequacy of such contribution secured.

Minutes:

Councillor Shama Tatler, Cabinet Member for Regeneration, Highways and Planning, introduced the report informing Cabinet Members that in July 2017 Cabinet gave approval for allocating funds of up to £17.8 million to accelerate the delivery of the public realm for two of the three zones on Olympic Way.

Councillor Tatler stated that one zone is between Wembley Park underground station and the northern edge of Fulton Road (Zone B). The other zone is the area comprising the Wembley National Stadium ‘pedway’ with improvements being the replacement of the pedway with steps and public realm works from the foot of the pedway to the stadium (Zone C) to ensure delivery prior to Euro2020. The third zone is from Fulton Road to the foot of the pedway (Zone A) and public realm works for this Zone A have been entirely funded by Quintain.

Councillor Tatler stated that a “Statement of Common Ground” dating back to 2010 exists between the council and Quintain that allows for the application of CIL funds by London Borough of Brent (LBB) for the delivery of strategic infrastructure as identified in policy and the Infrastructure and Investment Framework (IIF). The above projects are within the IIF.

Councillor Tatler stated that Quintain has undertaken considerable design development for Zone C and are ready to instruct their design team to undertake detailed design for the steps and Zone C generally so that an order for the steps can be placed in September 2018.

Councillor Tatler informed Cabinet that the the purpose of this report is to re-examine the funding decision for Olympic Way Improvements following the announcements of the possible sale of Wembley Stadium to a private individual/company. She stated that this report also updates Members on the progress made in implementing the improvement works.

Councillor Muhammed Butt, Leader of the Council, indicated that a set of revised recommendations had been tabled.