Purpose

The Cabinet will be asked to approve the
disposal, by way of a lease to the appropriate B&D Reside
entity, of the Oxlow Lane scheme
expected to be completed in March 2024, together with proposals
relating to a loan facility and premium to enable the disposal.

Content

The Cabinet will be asked to approve the
disposal, by way of a lease to the appropriate B&D Reside
entity, of the Oxlow Lane scheme
expected to be completed in March 2024, together with proposals
relating to a loan facility and premium to enable the disposal.

Cabinet resolved
to:
 
(i)  Note
that the Strategic Director, Resources, shall declare on the
Subsidy Database the schemes included in Appendix 1 to the report
and shall make the referrals to the Subsidy Advice Unit for the
schemes included in Appendix 2 to the report;
 
(ii)  Delegate
authority to the Strategic Director, Resources, in consultation
with the Strategic Director, Inclusive Growth, to subsequently take
any remedial action necessary resulting from such declarations or
referrals provided that such action does not materially affect the
approvals granted by Cabinet;
 
(iii)  Approve, in
principle, the disposal of the Oxlow
Lane redevelopment scheme by the granting of long leases to the
appropriate Reside entity identified in the report;
 
Oxlow Lane
- Castle House, Rainham Road North,
Dagenham, RM10 7YW
- Petticoat House, Rainham Road
North, Dagenham, RM10 7YY
 
(iv)  Approve, in
principle, the indicative draft Heads of Terms for leases and loans
for the Oxlow Lane redevelopment scheme
as set out in section 2 of the report;
 
(v)  Delegate
authority to the Strategic Director, Resources, in consultation
with the Strategic Director, Inclusive Growth, to agree and
finalise the terms of the loan, lease and any other associated
documents, and to take any steps necessary to ensure compliance
with s123 of the Local Government Act 1972 and the Subsidy Control
Act 2022; and
 
(vi)  Delegate authority
to the Head of Legal, in consultation with the Strategic Director,
Inclusive Growth, to execute all the legal agreements, contracts,
and other documents on behalf of the Council in order to implement
the arrangements.