Issue - meetings

This report seeks approval for the addition of £2.999m to the Capital Programme, to deliver land assembly, flood mitigation measures and the creation of public space at the Chatham Waterfront development, funded through an interest free loan via the South East Growing Places Fund.

Discussion:

This report sought approval for the addition of £2.999m to the capital programme, to deliver land assembly, flood mitigation measures and the creation of public space at the Chatham Waterfront development, funded through an interest free loan via the South East Growing Places Fund. The Cabinet considered this report on 12 February 2013 and its views were set out in paragraph 7 of the report.

Councillor Jarrett, Portfolio Holder for Finance and Deputy Leader, supported by Councillor Rodney Chambers, Leader, proposed the recommendations set out in the report.

Decision:

(a)   The Council approved the proposed investment of £2,999,000 Growing Places Finance, with the loan being repaid at the end of the 7-year period with future capital receipts being used to pay off the Growing Places Finance debt.

(b)   The Council agreed to enter into a loan agreement with Essex County Council, as accountable body for Growing Places Funding.

Background:

This report seeks approval for the addition of £2.999m to the capital programme, to deliver land assembly, flood mitigation measures and the creation of public space at the Chatham Waterfront development, funded through an interest free loan via the South East Growing Places Fund.

The report examined three options for the delivery of the enabling works at Chatham, Waterfront. In summary, this included releasing development opportunities to the market, with a requirement for developers to undertake site preparation and infrastructure works; further prudential borrowing; and, delivering site preparation and infrastructure works through Growing Places Funding.

During the discussion on this item clarity was sought as to the agreed term for the repayment of loan, as the report referred to a 5-year repayment period whereas the bid to the South East Local Economic Partnership had been for 7 years.  Members requested that this point be clarified for the report to Council on 21 February 2013.

Reasons

To facilitate the delivery of the next phase of essential site preparation and infrastructure works for the Chatham Waterfront scheme.