(i) Approve in principle the proposed redevelopment of the site incorporating 482-528 Rainham Road South, as shown edged red in the plan attached at Appendix 1 to the report, subject to consideration of the outcomes of consultation with affected residents.
(ii) Approve consultation with affected tenants and leasehold interests in respect of 482-528 Rainham Road South pursuant to Section 105(1) of the Housing Act 1985 in respect of the proposed redevelopment (Option 3) and potential demolition of the premises and delegate approval of the details of any consultation to the Director of Inclusive Growth and/or a delegate on his behalf, in consultation with the Director of Law and Governance
(iii) Agree the service of an Initial Demolition Notices on all secure tenants at the affected properties at the appropriate time, having regard to the outcomes of consultation, in order to suspend the requirement for the Council to complete Right to Buy applications for as long as the notices remain in force and delegate the approval and timing of final notices to the Director of Inclusive Growth, in consultation with the Director of Law and Governance;
(iv) Agree in principle that, subject to the grant of an acceptable planning permission and receipt of satisfactory construction tender prices, the project be financed and held within the residential asset class of the Investment and Acquisition Strategy;
(v) Agree in principle the inclusion of the project in the Council’s Capital Programme in the total sum of £20,479,000, subject to the securing of planning permission and procurement of a contractor in accordance with the project outputs and budget;
(vi) Agree in principle the Funding Strategy in section 3.7 of the report, including borrowing up to £13,738,000 within the General Fund from the Public Works Loan Board, to finance the development and ownership of the affordable rent homes via a loan agreement made between the Council and any suitable vehicle that the new units may be held in (e.g. a new B&D Reside Registered Provider or other vehicle); and
(vii) Approve in principle the appropriation and accounting for its value of the land, as shown edged red in the plan at Appendix 1 to the report, under Section 122 of the Local Government Act 1972 from the Housing Revenue Account to the General Fund.