Issue - meetings

Councillor Jones informed that the report requested approval for an additional budget of £526,000 to cover additional security and other costs incurred due to the delay in obtaining planning approval for the scheme by the Greater London Authority (GLA) to be able to start demolition. In addition, the Council’s JV partner for the development, Stanhope, had advised it could not meet its contractual obligation to secure funding for the project. Therefore, the Council would need to secure and manage the site against illegal occupation until the development phase could start under an alternative strategy.

AGREED UNANIMOUSLY BY CABINET:

That Cabinet approves an additional budget of £526,000 for the Watermeadow Court development project to cover the unforeseen costs set out in paragraphs 11,12 and 13 of the report  to be funded from capital receipts.