Decision details

Ed City Update

Decision Maker: Leader of the Council

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To update members on the Ed City Development

Decision:

That the Leader

 

1.    Approves an additional £6,176,142 to the General Fund capital budget funded by borrowing, giving a total capital budget of £65,202,000 for the construction of 132 residential units and associated professional fees and development management costs funded by the General Fund.

 

2.    Approves a further £3,591,908 borrowing to fund the development in place of right to buy funding in order to release it to other parts of the development programme that haven’t secured GLA affordable housing grant as part of the Building Homes for Londoners grant programme.

 

 

Reasons for the decision:

The recommendations are required to allow the project to progress and for build contracts to be signed.

 

Alternative options considered:

Option 1 – do not agree the budget

Option 2 – Revert to former specifications

Option 3 – approve the increase in budget

 

Publication date: 21/04/2020

Date of decision: 20/04/2020

Effective from: 24/04/2020

Accompanying Documents: