Funding Agreement with the London Thames Gateway Development Corporation
Decision maker: Cabinet
Decision type: Key Decision - Cabinet
Decision status: Decision made
Is Key decision?: Yes
Is subject to call in?: No
To enter into agreement with the London Thames Gateway Development Corporation to allocate present and future payment in lieu funds, for affordable housing, to the Newham Council new build programme.
John East, Director - Community Infrastructure, presented this report which sought permission to enter into a funding agreement with the London Thames Gateway Development Corporation (LTGDC) for the purposes of assigning affordable housing commuted sums with the London Borough of Newham.
The Mayor in consultation with Cabinet agreed:
1. that the Council enters into a funding agreement with the London Thames Gateway Development Corporation (LTGDC) to receive affordable housing commuted sums in the sum of £6.5 million, once formal confirmation is received from LTGDC; and
2. to authorise the Executive Director – Operations, in consultation with the Director - Legal, People and Change, to finalise the terms of and enter into a grant funding agreement subject to there being no reputation issues or legal impediment.
Reasons for the Decisions:
The LTGDC is the accountable body for the expenditure of affordable housing commuted sums which arise from developments within designated areas in the Borough, where it has been the body granting the planning approval. The LTGDC will be subsumed within the London Legacy Development Corporation (LLDC) in September 2012. This report seeks to hypothecate confirmed and future commuted sums to the London Borough of Newham, ahead of that date.
The report and decision have complied with Part 4.5, paragraph 16 of the Constitution.
The decision is not subject to the Call-In process and may be implemented immediately.
Report author: Roberto Bruni
Publication date: 17/07/2012
Date of decision: 05/07/2012
Decided at meeting: 05/07/2012 - Cabinet