Agenda item

Councillor Sue Fennimore subsequently declared a significant interest in respect of this item, as she was a member of the board of OnSide Youth Zone. As she had joined the meeting virtually via Zoom, she did not participate in the discussion and vote thereon.

This report is related to the previous one on this agenda: Education City – Land Appropriation.

AGREED UNANIMOUSLY BY THE CABINET MEMBERS PRESENT:

1.    To note that appendices 1, 4, 5 and 7 are not for publication on the basis that they contain information relating to the financial or business affairs of any particular person (including the authority holding that information) as set out in paragraph 3 of Schedule 12A of the Local Government Act 1972 (as amended).

2.    To approve a capital budget of £2,701,500 for the White City Central project,to pursue the comprehensive redevelopment proposals including the full design, surveys and project management fees up to planning submission and procurement of the main contractor and feasibility and refurbishment works to the former NHS Health Centre, expected funding of the scheme as set out in Appendix 1.

3.    To approve an investment of up to £39m in the form of development financing to EdCity Office Ltd to fund the cost of development and construction of the office building thereby facilitating the comprehensive development and regeneration of the site to provide 132 new affordable homes, a new school, new nursery, adult education centre and youth facilities.

4.    To approve a corresponding capital budget of up to £39 million to be funded by an increase in the council’s Capital Financing Requirement.

5.    To delegate authority to the Strategic Director for the Economy in consultation with the Director of Finance and Head of Law to take all necessary steps to facilitate the decision in 3, including agreeing the final contractual terms for the investment facility (based on the heads terms in appendix 5) and subject to completing the assessment of the checklist of the six key subsidy principles (appendix 4).

6.    To approve the conditions imposed by the Department for Education for the Education City project as set out in appendix 6.

7.    To note the approach to engagement and consultation with residents and stakeholders at White City during the next stage of the design process up to planning submission.

8.    To note the council entering into negotiations with the Department for Education with regards to the Section 77 application in respect of Randolph Beresford Nursery for the White City Central Project.

9.    To note that the council has secured £900,000 from the MHLG land release funds that will reduce the overall contribution to costs of the Education City project from the council and development partner Ark.