Cabinet resolved to:
(i) Agree the proposal to purchase up to 936 homes, comprising 50% affordable and 50% private housing;
(ii) Agree to enter into a Development Agreement with Countryside Properties to deliver the units across three development phases for a fixed price plus indexation, on a turn-key basis;
(iii) Agree to the borrowing of up to £309m within the General Fund to finance the entire development subject to satisfactory due diligence;
(iv) Note that the scheme meets the Investment and Acquisition Strategy financial performance metrics delivering a positive net present value of £69m;
(v) Agree to the use of an existing or the establishment of a Special Purpose Vehicle(s) as required within the Barking & Dagenham Reside structure to develop, own, let, sell and manage and maintain the homes in accordance with the funding terms in a loan agreement between the Council and Special Purpose Vehicle;
(vi) Agree to allocate £23.1m GLA London Affordable Rent grant funding to support the financial viability of the scheme;
(vii) Agree to allocate £7.4m GLA Shared Ownership grant funding to support the financial viability of the scheme;
(viii) Delegate authority to the Chief Operating Officer, in consultation with the Director of Law and Governance, to agree and execute any legal agreements and contract documents to fully implement the project;
(ix) Delegate authority to the Finance Director, in consultation with the Cabinet Member for Finance, Performance and Core Services and the Chief Operating Officer, to agree the funding and finance arrangements to fully implement the project; and
(x) Delegate authority to the Chief Operating Officer, in consultation with the Cabinet Member for Finance, Performance and Core Services, the Cabinet Member for Regeneration and Social Housing, the Director of Inclusive Growth and the Finance Director, to agree the purchase of a small and limited number of additional units at the site from Countryside Plc, above the 936 units already proposed, to specifically deal with any minor changes as the scheme progresses through detailed design to planning, and subject to any additional purchases being on the same commercial terms and in accordance with the Council’s Investment and Acquisition Strategy.