Cabinet resolved to:
(i) Approve the Barking and Dagenham Reside Regeneration Ltd (Co No (09512728) Business Plan 2021-26 at Appendix A to the report, subject to the conditions set out below; and
(ii) Authorise the Council’s Managing Director, in consultation with the Shareholder Panel, to:
(a) approve the final detailed operational model and any costs associated with delivering the Property Management functions and any associated legal or contractual documentation.
(b) approve the strategy for reviewing and updating the Reside Group structure to ensure it is in the best possible position to achieve its strategic outcomes and to fulfil its legal obligations.
(c) take all necessary action to enable Reside to carry out its proposals under the Business Plan and to agree any variations to the business plan or shareholder agreement and enter any agreements or warranties necessary.
(d) take all necessary action to wind up or otherwise repurpose any companies in the structure on behalf of the Council as shareholder and apply for all necessary consents to do so.
Cabinet resolved to:
(i) Approve the BDTP Business Plan 2021-26 at Appendix A to the report, subject to the conditions set out below; and:
(ii) Authorise the Council’s Managing Director, in consultation with the Shareholder Panel, to:
(a) Approve the outcome of the Service Improvement Plan, including the approval of any contractual variations required as a result of that programme;
(b) Approve the request for the Council to issue up to £5m for working capital loan and agree all loan documentation or any documentation required to approve the utilisation of funds from the realisation of profit at LEUK, subject to due diligence and ensuring there is no breach of subsidy;
(c) Approve expenditure of £1.6m to remove any backlog repairs works and allocate the remainder of the £3.5m business improvement investment;
(d) Take all necessary action to enable BDTP to carry out its proposals as set out within the Business Plan, except those reserved by these recommendations, and to agree any variations to the business plan.