Issue - meetings

Appendix C to this report is contained in the exempt section of the agenda.

The Cabinet Member for Regeneration presented a report on a successful bid to the Greater London Authority (GLA) for up to £10m funding towards infrastructure delivery at Barking Riverside.

The funding would deliver 1.2 kilometres of road network which would kick-start the development of approximately 18.7 hectares of brownfield land for new housing, a school campus and retail and leisure developments.  The Cabinet Member also outlined the terms of the proposed funding agreement and repayment arrangements between the Council, the GLA and Barking Riverside Limited.

The Leader took the opportunity to report on the MIPIM conference, the world’s largest property event, which he, the Cabinet Member for Regeneration and the Council’s Group Manager, Economic Development and Sustainable Communities, had recently attended in France.  The conference had provided a platform to showcase the plans and aspirations for Barking and Dagenham and had proved so successful that over 120 potential investors, developers and other organisations were to be invited to a Council-run event later in the year.

Cabinet resolved to:

(i)  Agree the £10m loan from the GLA on the terms set out in the report and delegate authority to the Chief Executive, in consultation with the Head of Legal and Democratic Services, to negotiate and conclude the Grant Funding Agreement;

(ii)  Agree to join and enter into a call off contract under the framework agreement established by the London Highways Alliance Contract (LoHAC);

(iii)  Authorise the Chief Executive, in consultation with the Cabinet Member for Regeneration, the Head of Legal and Democratic Services and the Chief Finance Officer, to negotiate and award the contract and complete the necessary legal agreements associated with the delivery of the new road; and

(iv)  Delegate authority to the Divisional Director of Regeneration, in consultation with the Head of Legal and Democratic Services, to enter into a deed of variation to the Section 106 Agreement with Barking Riverside Limited on the terms set out in the report.