Issue - meetings

Appendix A to the report (pages 131 – 190) is an exempt document.

Further to Minute 100 (19 February 2018), the Cabinet Member for Finance, Performance and Core Services presented the second 5-year rolling Business Plan of Be First, the Council-owned company launched on 1 October 2017 with the key objective of driving forward the delivery of the Council’s regeneration agenda.

The Cabinet Member drew attention to the key aspects within the Business Plan which included:

·  An improved financial position for 2018/19, with Be First forecasting a surplus compared to the projected £2.8m deficit position in the 2018-23 Business Plan;

·  The delivery of more new Council-funded homes than previously forecast, with 3,088 properties now expected to be built during the next 5 years and the majority being truly affordable in the London housing market;

·  The commencement of 12 new development schemes in 2019/20, delivering over one-third of the new Council-funded homes planned for 2019-2024;

·  The construction of a further 6,814 properties by the private sector over the next five years;

·  A projected total return to the Council of £49m over the five-year period and the achievement of the target £10.3 net financial contribution to the Council by 2021;

·  The use of £777m of development funding to support the accelerated, innovative development programme;

·  The creation of apprenticeships and a sustainable local employment programme, which would require developers to employ 25% of the project workforce from the local community and to supply an ‘Employment, Skills and Suppliers Plan’ as part of the contractual arrangements;

·  A range of place-shaping, public realm and community engagement initiatives.

The Cabinet Member confirmed that the Business Plan had been rigorously scrutinised by the Be First Board and the Council’s Shareholder Panel prior to being presented to Cabinet.

Members commented on Be First’s integral role in the delivery of the Council’s vision for the Borough and the Leader placed on record the Council’s thanks to all Be First staff.

Cabinet resolved to:

(i)  Approve the Be First Five-Year Business Plan (2019-2024) at Appendix A to the report; and

(ii)  Approve Be First entering into any procurement related agreement or commitment required to enable the delivery of the Business Plan in accordance with its Company scheme of delegation subject to:

a)  compliance with relevant procurement regulation;

b)  compliance with relevant procurement law;

c)  Be First’s compliance with its own scheme of delegation;

d)  compliance with state aid rules, and

e)  any other relevant approvals by the Council which may be relevant or required for the specific project.