Decision details

The Cabinet will be asked to approve the disposal, by way of a lease to the appropriate B&D Reside entity, of the Oxlow Lane scheme expected to be completed in March 2024, together with proposals relating to a loan facility and premium to enable the disposal.

Cabinet resolved to:

(i)  Note that the Strategic Director, Resources, shall declare on the Subsidy Database the schemes included in Appendix 1 to the report and shall make the referrals to the Subsidy Advice Unit for the schemes included in Appendix 2 to the report;

(ii)  Delegate authority to the Strategic Director, Resources, in consultation with the Strategic Director, Inclusive Growth, to subsequently take any remedial action necessary resulting from such declarations or referrals provided that such action does not materially affect the approvals granted by Cabinet;

(iii)  Approve, in principle, the disposal of the Oxlow Lane redevelopment scheme by the granting of long leases to the appropriate Reside entity identified in the report;

Oxlow Lane

- Castle House, Rainham Road North, Dagenham, RM10 7YW

- Petticoat House, Rainham Road North, Dagenham, RM10 7YY

(iv)  Approve, in principle, the indicative draft Heads of Terms for leases and loans for the Oxlow Lane redevelopment scheme as set out in section 2 of the report;

(v)  Delegate authority to the Strategic Director, Resources, in consultation with the Strategic Director, Inclusive Growth, to agree and finalise the terms of the loan, lease and any other associated documents, and to take any steps necessary to ensure compliance with s123 of the Local Government Act 1972 and the Subsidy Control Act 2022; and

(vi)  Delegate authority to the Head of Legal, in consultation with the Strategic Director, Inclusive Growth, to execute all the legal agreements, contracts, and other documents on behalf of the Council in order to implement the arrangements.