Agenda item

A report from the Director of Regeneration and Environment will be circulated as soon as possible. This seeks approval to an increase to the neighbourhood regeneration capital programme. (Report No.179, agenda part two also refers) (Key decision – reference number 4229)

(Report No.176)

(8.50 – 8.55pm)

TO FOLLOW

Councillor Ahmet Oykener (Cabinet Member for Housing and Housing Regeneration) and Councillor Alan Sitkin (Cabinet Member for Economic Regeneration and Business Development) introduced the report of the Director of Regeneration and Environment (No.176) seeking an increase in the Neighbourhood Regeneration capital programme to fund the next stages of a number of regeneration initiatives.

NOTED

1.               That Report No.179 also referred as detailed in Minute No.20 below.

2.               That the report explained what the increase to the Neighbourhood Regeneration Capital programme would be used to fund. It explained the progress that had been made to take forward regeneration projects in the Borough.

3.               The report supported a key manifesto commitment of the delivery of 10,000 new homes.

4.               Members expressed their appreciation of the work which had been undertaken by officers in taking these proposals forward.

Alternative Options Considered: As included within the main body of the report.

DECISION: The Cabinet

1.               Noted the request to increase the Neighbourhood Regeneration Capital Programme (approval was sought within Report No.171 – Budget report 2016-17 and Medium Term Financial Plan 2016/17 to 2019/20 (General Fund) (Minute No.6 below refers)) which would enable the development of the next stages of Meridian Water, Ponders End, Edmonton, New Southgate and Enfield Town.

2.               Noted the progress made to date to acquire land at Meridian Water and the Council’s intention and clear preference to acquire all developable land at Meridian Water by voluntary negotiation, based on the principle of a return on investment to the Council.

3.               Noted that a part 2 report (No.179 – Minute No.20 below refers) which explained that a Meridian Water financial model had been developed to demonstrate how a return on the Council’s investment could be achieved.

4.               Agreed to delegate authority to the Cabinet Members for Finance and Efficiency and, for Economic Regeneration and Business Development, in consultation with the Director of Regeneration and Environment and the Director of Finance, Resources and Customer Services to finalise the acquisition of the land (described in detail in Report No. 179, part 2 report) in accordance with the agreed Heads of Terms attached to Report No.179, containing exempt information.

5.               Noted the progress made on the wider regeneration programme, including Ponders End, Edmonton, New Southgate and Enfield Town.

6.               Noted that the part 2 report (No.179, Minute No.20 below) set out the financial implications for delivery of these programmes for 2016/17 and beyond.

7.               Noted that before further commitment of expenditure on these programmes full financial models would be produced to inform investment/acquisition decisions.

8.               Agreed to approve the capitalisation of the Neighbourhood Regeneration team, and resources against the capital programme.

9.               Agreed to approve in principle the Edmonton Heartland Housing Zone 2 bid included in the part 2 report (No.179, Minute No.20 below).

10.           Noted that updated information on the governance of all regeneration projects will be subject to a further report.

Reason: To provide an update on progress of the wider neighbourhood regeneration delivery programme, and to identify the financial resources required for continued programme delivery up to 2018/19. The resources identified in the part 2 report (No.179, Minute No.20 below) were necessary to ensure delivery of the objectives set out within the report.

(Key decision – reference number 4229)