Cabinet resolved to:
(i) Approve the development by the Council of the Barking Riverside Health and Wellbeing Hub on the terms set out in the report, which include the Council taking a long leasehold interest of the site shown edged red in Appendix 1 to the report at nil cost and entering into a Land and Works agreement with Barking Riverside Limited for the development;
(ii) Approve the borrowing of up to £39.95m within the General Fund, subject to satisfactory due diligence and receiving confirmation of BRL’s contribution of £22.253m, as detailed in paragraph 2.2 of the report, being paid to the Council on Practical Completion;
(iii) Support the proposed variation of the current Section 106 Agreement with relevant parties in respect of the Barking Riverside Development to reflect the changing circumstances and delivery of the Health and Wellbeing Hub, which shall be subject to the necessary approvals via the planning regime; and
(iv) Delegate authority to the Managing Director, in consultation with the Strategic Director, Law and Governance, to agree and execute any agreements and contract documents to fully implement the project.