Issue - meetings

Further to Minute 121 (19 April 2016), the Cabinet Member for Economic and Social Development presented proposals to procure a partner who would contribute funding towards land assembly and work in partnership with the Council / Be First on the delivery of the Barking Riverside Gateways Housing Zone project.

The Cabinet Member explained that the project related primarily to the Thames Road area, with the key objectives for the new partner being:

·  To work in partnership with the Council / Be First to undertake acquisitions across the Housing Zone;

·  Further develop proposals to deliver around 3,000 new homes and associated employment, community provision and public realm across the Housing Zone in line with the development framework; and

·  Take a long-term management interest in the Housing Zone.

The Strategic Director of Growth and Homes clarified that in addition to the Council’s contribution and the £30m grant from the Greater London Authority, the private partner would be expected to provide in the region of £60m towards land acquisition costs. 

The Cabinet resolved to:

(i)  Agree the procurement of a partner, via Competitive Procedure with Negotiation, to deliver the aims and objectives of Barking Riverside Gateways Housing Zone, on the terms set out in the report;

(ii)  Approve the procurement of professional services, including legal advisors, property advisors and associated professional technical advisors, to support the procurement of a partner, on the terms set out in the report;

(iii)  Delegate authority to the Strategic Director for Growth and Homes, in consultation with the Cabinet Member for Finance, Growth and Investment, the Chief Operating Officer and the Director of Law and Governance, to enter into all contracts associated with the procurement processes referred to in the report; and

(iv)  Delegate authority to the Chief Operating Officer to agree all matters related to the financial viability of proposals following endorsement by the Council’s Investment Panel.