Issue - meetings

Appendix 1 to the report is in the private business section of the agenda at Item 17.

Further to Minute 16 (17 July 2018), the Cabinet Member for Finance, Performance and Core Services reported on the proposed terms of a conditional development agreement and lease with Lagmar (Barking) Limited to facilitate the major redevelopment of the Vicarage Field site in Barking Town Centre.

The Cabinet Member explained that the arrangements involved the surrender of the existing head lease and the grant of a new head lease for a term of 250 years, subject to the developer meeting a number of pre-conditions.  The draft Heads of Terms appended to the report set out the rental income due to the Council both during and after the construction phase, as well as arrangements for the Council to benefit from the scheme’s success and any marriage value generated. 

The Cabinet resolved to authorise the Chief Operating Officer, in consultation with the Director of Law and Governance, the Director of Inclusive Growth and the Cabinet Member for Finance, Performance and Core Services, to enter into all necessary agreements with Lagmar (Barking) Ltd for a conditional development agreement / lease for the Vicarage Field site under terms set out in the report.