Decision details

The Executive will be asked to consider the proposals to establish Barking and Dagenham Local Housing Company

Following on from Minute 156 2007/08 agreeing to setting up of the Barking and Dagenham Local Housing Company, received a report from the Corporate Director of Resources providing an update on progress in the establishment of the Company.

Agreed, in order to assist the Council to achieve its Community Priorities of, ‘Improving Health, Housing and Social Care’ and ‘Regenerating the Local Economy’:

  (i)  That the Heads of Terms be accepted as the basis for concluding final contract negotiations with First Base Limited;

  (ii)  That the Chief Executive of the Council, Legal Partner –Procurement, Contracts and Property and Divisional Director of Corporate Finance  are collectively given delegated powers to negotiate and settle final contract documents as anticipated by the Heads of Terms; and

  (iii)  To note that a further report will be brought to Executive once contractual documentation has been finalised (including detail of any substantive variation from the transactions contemplated by the Heads of terms) which is anticipated to be in June/ July 2009.  This further report will set out details of:

a.  Contractual terms

b.  funding terms provided by HCA and senior and other debt funders

c.  LHC business plan and financial model

d.  Other relevant information