Cabinet resolved to:
(i) Approve that the site is redeveloped to provide, subject to planning:
(a) 200 affordable homes comprising a mix of
- 50% Affordable Rent (100 units)
- 35% London Affordable Rent (70 units)
- 15% Shared Ownership (30 units)
(b) c.250m2 of community space; and
(c) High quality open space and public realm improvement;
(ii) Agree the estimated Total Scheme Development costs of £63,940,000;
(iii) Approve that, subject to the grant of an acceptable Planning Permission and receipt of satisfactory construction tender prices, the project will be financed and held within the residential asset class of the Investment and Acquisition Strategy;
(iv) Agree to allocate up to £6,781,000 from the Investment & Acquisition Budget to fund the pre-development costs;
(v) Agree to the principle of borrowing up to £46,900,000 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 the affordable rent Special Purpose Vehicle;
(vi) Delegate authority to the Director of Inclusive Growth, in consultation with the Director of Law and Governance, the Chief Operating Officer and the Cabinet Members for Finance, Performance & Core Services and Regeneration and Social Housing, to negotiate terms and agree the contract documents to fully implement and effect the project;
(vii) Authorise the Director of Law and Governance, or an authorised delegate on their behalf, to execute all the legal agreements, contracts and other documents on behalf of the Council; and
(viii) Approve in principle the appropriation of the land, as shown edged red in the plan at Appendix 2 to the report, from the Housing Revenue Account to the General Fund, pursuant to Section 122 of the Local Government Act 1972 and S.227 of the Town and Country Planning Act 1990 for planning purposes.