Purpose

Report seeking additional investment funding
for Populo Living’s Plaistow Hub
scheme including a summary of the additional costs and updated
financial outputs demonstrating it remains a viable investment.
 
Decision:
To approve additional Development stage loan
funding of £3.9m along with additional Investment stage loan
funding of £9.2m to Populo Living
for the Plaistow Hub scheme.  Noting
that this will increase the Newham equity, market loan funding
facility by £9.2m to £93.0m. 

Decision

For the reasons set out in
the report and its appendices Cabinet RESOLVED to AGREE:
 
i) 
To approve additional Development stage loan funding of £3.9m
along with additional Investment stage loan funding of £9.9m
to Populo Living for the Plaistow Hub scheme.  Noting that this would increase the Newham equity,
market loan funding facility by £9.9m to a total of
£93.7m. 
 
Alternatives
Considered
 

1. 
The alternative of not providing additional development
and investment stage funding would leave Populo unable to complete
the project and unable to repay the Council its investment to
date.  Since the investment scheme
remains viable for both Populo Living and LBN, this report
recommends provision of additional funding required to complete the
project.