Purpose

Summary

The Council’s joint venture with Related
Argent, BXS Limited Partnership (“BXS LP” or
“Joint Venture”) benefits from a £148m loan
facility (the “HE Loan”) provided by Homes England
(HE), which helps to fund infrastructure and other project
expenditure needed to deliver the Brent Cross Town scheme.
 
Since the HE Loan was taken out interest rates
have increased significantly (from 0.5% reaching 5.25%, currently
at 4%). This has directly impacted the cost of borrowing. We have
entered into negotiations with Homes England over the last year to
create more favourable conditions for this borrowing.
Please refer to Exempt Appendix
The purpose of this report is to authorise a
Deed of Amendment to the HE Loan to reflect these adjustments
agreed between BXSLP and Homes England, as set out in this
report.

Decisions

The Executive Director of Growth in
consultation with the S151 Officer authorises the Council to enter
into the Deed of Amendment to the HE Loan together with any
associated legal documentation relating to this Deed.