Decision details

The Cabinet will be asked to note Urgent Action taken by the Acting Chief Executive, under the provisions of Part 2, Chapter 16, paragraph 4 of the Council’s Constitution, in relation to the entering into of a Head Lease, a loan and a Property Management Agreement with Barking and Dagenham Homes Ltd for 56 shared ownership properties at Challingsworth House, Linton Road, Barking.

Cabinet resolved to note the action taken by the Acting Chief Executive, in accordance with the Urgent Action procedure under Part 2, Chapter 16, paragraph 4 and the Special Urgency provision under Part 2, Chapter 17, paragraph 15 of the Council Constitution, in relation to:

(i)  Approving the disposal by way of long lease of Block B, Challingsworth House, comprising 56 Shared Ownership homes, to Barking and Dagenham Homes Ltd (part of the Reside structure) on the terms set out in the report;

(ii)  Approving a loan of £18,582,399 to Barking and Dagenham Homes Ltd to enable the acquisition on the terms set out in the report;

(iii)  Authorising the Chief Legal Officer to execute all the legal agreements, contracts, and other documents on behalf of the Council in order to implement the arrangements; and

(iv)  Authorising the Strategic Director, Finance and Investment, in consultation with the Chief Legal Officer, to finalise the terms of the loan and any other associated financial documents.