Decision details

By Minute 33 (viii) (20 October 2020), the Cabinet approved a development loan of £44m on market terms for a joint residential-led development at London Road / North Street, Barking.  In light of the recent significant increase in building cost inflation, the Cabinet will be asked to approve an increase of circa £8m to the loan to the developer, based on the same terms.

Cabinet resolved to:

(i)  Approve the extension of the development loan to Robyna Limited in respect of the London Road / North Street development from £44m to £52m on the terms set out in Appendix 1 to the report in light of the recent significant increase in building cost inflation;

(ii)  Delegate authority to the Strategic Director, Inclusive Growth, in consultation with the Cabinet Member for Regeneration and Economic Development, the Strategic Director, Finance and Investment and the Chief Legal Officer, to agree the documents to fully implement and effect the proposals set out in the report; and

(iii)  Authorise the Chief Legal Officer, or an authorised delegate on her behalf, to execute all the legal agreements, contracts and other documents on behalf of the Council.