Issue - meetings

To receive the part 2 report from the Executive Director Place on the Meridian Water Financial Review and 10 year budget.  (Report No:  105A)

Key Decision No:  KD 4469

Council is asked to approve changes to the Capital Programme. 

This report was recommended to Council by Cabinet on 16 October 2019

Councillor Caliskan proposed and Councillor Maguire seconded the part 2 report of the Executive Director Place on Meridian Water:  Financial Model and 10 year budget.  (Report No:  105A)

NOTED

1.            The report was recommended to Council by Cabinet at its meeting on 16 October 2019.

2.            The proposals for Meridian Water are detailed and will deliver 10,000 new homes and 6,000 jobs.  By keeping control and taking on the role of master developer the Council will be able to ensure that the plans are coherent and benefit the people of Enfield. 

3.            The comments of the Opposition that they were genuinely concerned about the escalating costs of the proposals, especially within the first three years.  It was risk that if it went wrong would fall to residents and council taxpayers of Enfield.  The opposition members had a fundamental disagreement with the way the project was being developed and felt it should be reconsidered.

4.            The comments of the majority group that the financial models were sound and had been tested land receipts would be used to reduce the debt. Over a 30 year period the council would benefit by £193m. 

5.            That in the past members had decided on the night to discuss reports in part 1 which officers had placed in part 2. 

6.            The Leader summed up by saying that the project was ambitious but the financial costs had been responsibly worked out. Over the last 18 months the council had begun to deliver homes in Meridian Water, a significant number of extra affordable housing for local residents that could not be sold to overseas buyers. This money will be well spent  providing homes and jobs but will also provide a return over the longer term. 

Following the debate the recommendations in the report were put to the vote and agreed with the following result: 

For:  23

Against:  11

Abstentions:  0

The following councillors asked for their names to be recorded as voting against: 

Councillor Maria Alexandrou

Councillor Clare De Silva

Councillor Elaine Hayward

Councillor James Hockney

Councillor Joanne Laban

Councillor Terry Neville

Councillor Lindsay Rawlings

Councillor Michael Rye

Councillor Edward Smith

Councillor Jim Steven

Councillor Glynis Vince

AGREED to note the contents of the report.