There were no announcements by the Chair.

This is the time for Members to declare any personal or personal and prejudicial interests they may have in any matter being considered at this meeting having regard to the guidance attached to the agenda.

Items 3 and 5 - Securing a Community Legacy of the Olympic Stadium

A personal and prejudicial interest was declared by the following Member who subsequently left the room and took no part in the decisions:

·  Sir Robin Wales; Personal and Prejudicial; by virtue of being a member of the Olympic Park Legacy Company Board.

An Interest was declared by the following Member, who subsequently left the room and took no part in the decisions, as their interest was such that a member of the public may perceive their interest as giving rise to a perception of bias:

·  Councillor Conor McAuley; by virtue of his appointment to the Olympic Delivery Authority Planning Committee.

Personal interests were declared by the following Members who remained in the room during discussion of these items:

·  Councillor Freda Bourne; by virtue of her address, which is located near to the Olympic Stadium.

·  Councillor Jo Corbett; due to her work with Newham 6th Form College which may have an interest in the future use of the Stadium.

·  Councillor Joy Laguda; by virtue of a family member living close to the Olympic Stadium.

·  Councillor Anthony McAlmont; by virtue of working for Newham College which may have an interest in the use of the Stadium.

·  Councillor Winston Vaughan; by virtue of attending UEL which may have an interest in the future use of the Stadium.

This report provided Members with an update on the position regarding the Olympic Stadium, following the decision of the Founding Members of the Olympic Park Legacy Company (OPLC) to terminate the process in which the Council and West Ham United Football Club were the preferred bidders.

Members’ attention was drawn to an amendment in the report.  In paragraph 1.3.8 of the report, it was stated that the OPLC are “committed to a new “public ownership” model which would seek a football tenant”.  This was amended to read that the OPLC “are committed to a new public ownership model which would seek an anchor tenant.”

Decision

Council agreed to consider the exempt report, discussed elsewhere on the agenda, in connection with securing a community and regeneration legacy for the Olympic Stadium.

In accordance with Section 100(A)(4) of the Local Government Act 1972, the Committee is asked to resolve that the press and public be excluded from the meeting for specific items of business on the grounds that they may involve the likely disclosure of exempt information as defined in the paragraph of Part I of Schedule 12A to the Act, as amended.

Agreed to exclude the press and the public from the remainder of the meeting during consideration of the following exempt information:

Report to follow.

This report provided a further update on the position regarding the Olympic Stadium, following the decision of the Founder Members of the Olympic Park Legacy Company (OPLC) to terminate the process in which the Council and West Ham United Football Club (WHUFC) were the preferred bidders.

The report requested giving delegated authority to the Chief Executive (in consultation with the Executive Director of Resources, the Director of Finance and the Divisional Director of Legal and HR Services) to make a proposal to, and enter into negotiations with, the OPLC with a view to enabling the Council to enter into a public sector partnership with the OPLC in relation to the operation and development of the Olympic Stadium site; and subject to satisfaction of the Council conditions to enter into such an agreement.

In January this year the Council gave the Chief Executive delegated authority to provide a loan of up to £40M to a Special Purpose Vehicle (SPV) to enable the conversion of the Olympic Stadium to take place if certain conditions were satisfied.  It will be recommended that the new delegation will enable the Chief Executive to offer, negotiate and agree a similar level of investment.

Reason for Urgency

The Chair agreed to accept this report as a matter of urgency in order to allow the OPLC Board to consider the Council’s offer at its meeting on 29 November 2011.

Reason for Lateness

Following the termination of the Stadium bidding process by the OPLC on 11 October 2011 the OPLC has been considering a new process and mechanism for delivering a stadium legacy. 

The Council and OPLC officials have discussed options to take the stadium legacy forward.  The OPLC Board have yet to take a decision on the new process and mechanism.

Based on the Council’s understanding of the possible process it is felt appropriate for the Council to make a proposal to the OPLC Board that will clearly set out the Council’s position and requirements for its involvement in a public sector partnership to deliver the stadium community and regeneration legacy. The report is late as this has allowed further discussion with OPLC officials. 

Decisions

Council agreed unanimously:

1.  That the Chief Executive (in consultation with the Director of Finance, Executive Director of Resources and the Divisional Director of Legal and HR Services) be given delegated authority:

1.1  To make a proposal to the Olympic Park Legacy Company (OPLC) Board subject to contract setting out the Council’s position and requirements for an investment of up to £40M in the conversion of the Olympic Stadium and its involvement in a public partnership or joint venture to deliver the stadium community and regeneration legacy;

1.2  To negotiate with relevant parties, including the OPLC and its Founder Members, in respect of the Council’s involvement;

1.3  If appropriate, to enter into a public partnership with the Olympic Park Legacy Company (OPLC) to operate and develop the Olympic Stadium site, subject to satisfaction of the Council conditions for entering into such a partnership;  ...  view the full minutes text for item 5.

There being no further business the Chair declared the meeting closed.