Purpose

The Cabinet will be asked to approve the
disposal, by way of leases to Barking and Dagenham Homes Ltd, for
seven completed new-build schemes, together with proposals relating
to a series of loans facilities and premiums to enable the
disposals.

Content

The Cabinet will be asked to approve the
disposal, by way of leases to Barking and Dagenham Homes Ltd, for
seven completed new-build schemes, together with proposals relating
to a series of loans facilities and premiums to enable the
disposals.

Cabinet resolved
to:
 
(i)  Approve,
in principle, the disposal of the schemes listed below by the
granting of long leases to the appropriate Reside entity (either
Barking and Dagenham Homes Ltd (company
no. 12090374), B&D Reside Weavers LLP (registered no.
OC416198) or Barking and Dagenham Reside
Regeneration Ltd (company no. 09512728));
 
· 
Sacred Heart (Convent Court and Convent Mews),
Dagenham, RM9 6FT
· 
200 Becontree Avenue, Dagenham, RM8 2TR.
· 
A House for Artists, Barking, IG11 8SE.
· 
Sebastian Court (Block A and Block B), Barking, IG11
9FE.
· 
Chequers Lane (Block Kerwin House), Barking, RM9
6FR.
· 
Challingsworth House (Block A), Barking, IG11
8TF.
· 
Gascoigne East (Block C), Mizzen Street, Barking,
IG11 7RQ
 
(ii)  Approve, in
principle, the draft Heads of Terms and loans for each of the
listed schemes to the appropriate Reside entity, as set out in
section 2 and the appendices to the report;
 
(iii)  Delegate authority
to the Strategic Director, Finance and
Investment, in consultation with the Strategic Director, Inclusive
Growth, to agree and finalise the terms of the loans, leases 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
 
(iv)  Delegate authority
to the Chief Legal Officer, 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.