Issue - meetings

This report requests Cabinet approval of equity investment in i4B’s existing street purchases programme, as agreed in principle by Cabinet when approving i4B’s business plan in February 2019.

RESOLVED:

     i)        Cabinet approved an equity investment in the existing i4B street purchases programme by purchasing i4B shares up to a maximum of £21.8m for the first 300 properties, as agreed in principle by Cabinet in February 2019.

    ii)        Cabinet agreed for new loan facilities of up to £110.5m be made available to i4B and First Wave Housing for phase 2 of the PRS purchase programme, including the potential Quintain block purchase.

   iii)        Cabinet agreed that drawdowns on the loan facility to finance the potential Quintain block E01 02 purchase would be conditional on the negotiation of points as described in paragraphs 3.15 and 3.16 below.

   iv)        Cabinet delegated to the Director of Finance, in consultation with the Deputy Leader, authority to determine whether the conditions set out in paragraphs 3.15 and 3.16 below have been discharged.

    v)        Cabinet agreed for equity investment of up to £22.1m for phase 2 of the PRS purchase programme, including by purchasing i4B shares up to a maximum of £22.1m.

   vi)        Cabinet agreed to delegate the precise terms and mix of loan and equity funding for phase 2 of the PRS purchase programme to the Director of Finance, such that the total funding for phase 2 of the PRS purchase programme does not exceed £110.5m.

  vii)        Cabinet noted the new details of the potential block purchase from Quintain, together with the financial and legal implications.

Councillor Margaret McLennnan, Deputy Leader of the Council, introduced the report requesting Cabinet approval of equity investment in i4B’s existing street purchases programme, as agreed in principle by Cabinet when approving i4B’s business plan in February 2019.

Councillor Margaret McLennnan stated that i4B or First Wave Housing is intending to purchase a block of 153 key worker accommodation apartments in Wembley Park from Quintain. She stated that this paper is seeking approval of the Council to fund this transaction by a mix of loan and equity, subject to the negotiation of some outstanding points as detailed in paragraphs 3.15 and 3.16.

Councillor Shama Tatler, Cabinet Member for Regeneration, Property and Planning, welcomed the report stating that it was important for key workers to be part of the Wembley Park regeneration.  Councillor Tom Miller, Cabinet Member for Community Safety and Engagement, welcomed the report and the Council’s innovative approach to addressing the housing crisis.

Carolyn Downs, Chief Executive, stated that Cabinet would soon consider a report on the definition of key worker.

RESOLVED:

     i)        Cabinet approved an equity investment in the existing i4B street purchases programme by purchasing i4B shares up to a maximum of £21.8m for the first 300 properties, as agreed in principle by Cabinet in February 2019.

    ii)        Cabinet agreed for new loan facilities of up to £110.5m be made available to i4B and First Wave Housing for phase 2 of the PRS purchase programme, including the potential Quintain block purchase.

   iii)        Cabinet agreed that drawdowns on the loan facility to finance the potential Quintain block E01 02 purchase would be conditional on the negotiation of points as described in paragraphs 3.15 and 3.16 below.

   iv)        Cabinet delegated to the Director of Finance, in consultation with the Deputy Leader, the authority to determine whether the conditions set out in paragraphs 3.15 and 3.16 below have been discharged.

    v)        Cabinet agreed for equity investment of up to £22.1m for phase 2 of the PRS purchase programme, including by purchasing i4B shares up to a maximum of £22.1m.

   vi)        Cabinet agreed to delegate the precise terms and mix of loan and equity funding for phase 2 of the PRS purchase programme to the Director of Finance, such that the total funding for phase 2 of the PRS purchase programme does not exceed £110.5m.

  vii)        Cabinet noted the new details of the potential block purchase from Quintain, together with the financial and legal implications.