The Cabinet resolved to:
(i) Agree the indicative tenure and unit mix for the Sebastian Court site, as set out in section 4 of the report and the site area shown edged in red in the plan at Appendix 1 to the report;
(ii) Agree to use an existing entity within the Barking & Dagenham Reside structure (or the establishment, if required, of a new Special Purpose Vehicle within that structure) to develop / sell / own properties and procure the construction, management and maintenance of common parts and structure for the affordable rent units and the borrowing of approximately £13.1m within the General Fund to finance the construction and on-costs;
(iii) Delegate authority to the Strategic Director of Growth and Homes to sign off the final procurement strategy for the appointment of a main contractor and associated consultants for the project following its endorsement by the Procurement Board, in accordance with the Council’s Contract Rules, the European Tendering Regime and Public Contract Regulations;
(iv) Delegate authority to the Strategic Director of Growth and Homes, in consultation with the Cabinet Members for Finance, Growth and Investment and Economic and Social Development, the Strategic Director of Finance and Investment and the Director of Law and Governance, to negotiate terms and agree the contract documents to fully implement and effect the Sebastian Court redevelopment project;
(v) Agree to use an existing entity within the Barking & Dagenham Reside structure (or the establishment, if required, of a new Special Purpose Vehicle within that structure) to develop, sell, own and procure the construction, management and maintenance of common parts and structure of the shared ownership units on the Sebastian Court site;
(vi) Agree to the principle of borrowing up to £5.8m within the General Fund to finance the development and ownership of the shared ownership homes unsold equity via a loan agreement made between the Council and the Shared Ownership Special Purpose Vehicle; and
(vii) Authorise the Director of Law and Governance, or an authorised delegate on her behalf, to execute all of the legal agreements, contracts and other documents on behalf of the Council.