Decision details

In November 2014, the Cabinet selected a preferred development partner for the redevelopment of the former Abbey Sports Centre. This report will give the Cabinet an update on issues that have delayed the development and present revised arrangements to bring development forward.

The Cabinet resolved to:

(i)  Approve the proposed changes to the scheme design and for the Council to provide short-term development finance to Sherhill (Barking) Limited up to the sum of £28m on the terms set out in Appendix 2 to the report, to be funded via borrowing through the General Fund from the Public Works Loan Board;

(ii)  Delegate authority to the Chief Operating Officer, in consultation with Director of Law and Governance and the Cabinet Member for Regeneration and Social Housing, to scrutinise the due diligence reports, negotiate final terms and agree the contract/loan documents to fully implement and effect the proposals set out in the report; and

(iii)  Authorise the Director of Law and Governance, or an authorised delegate on her behalf, in consultation with the Chief Operating Officer, to execute all the legal agreements, contracts, loan, security and other documents on behalf of the Council.