Issue - decisions

That the Corporate Director Finance and Resources, in consultation with the Cabinet Member for Finance, Resources and Reform:

i)             Approves entry into

a.    an agreement for leases with Crown Venture GP LLP and Crown Venture Nominee Limited

b.     a development funding agreement with Regal Homes Management Limited as the developer and Crown Venture GP LLP and Crown Venture Nominee Limited as Seller

for the purchase of a 999-year leasehold interest (less 3 days) in 294 homes (flats) located eon the former Euro Car Parks site, Fulton Road, Wembley, HA9 0TF.

ii)            Notes that under the contract referred to in (i) above, the payment terms agreed with the developer / seller are as follows:

·         22.5% payable upon delivery of ‘golden brick’ milestone for Block E - £21.55m

·         12.5% payable upon delivery of ‘golden brick’ milestone for Block D - £8.039m

·         65% to be payable via monthly valuations - £54.951m