Decision details

To give approval to enter into a funding agreement with TH Ferry Island Limited Partnership, in order to secure delivery of a series of infrastructural interventions in Tottenham Hale, and which will result in the delivery of new affordable homes.

Cabinet has previously taken a series of decisions on:
• The Regeneration of Tottenham Hale District Centre on 15th July 2014;
• The Tottenham Hale Housing Zone and associated delivery model on 9th February 2016; and
• Amending the grant funding to be assigned as part of the Core of District Centre interventions, on 13th February 2018

The Leader agreed on 14th February 2017 to enter into grant funding agreements with third parties, as envisaged in the above Cabinet decisions, and gave delegated authority to the Director of Regeneration, Planning and Development to agree the final amount, the terms and conditions for providing the funding.

On 13th February 2018 Cabinet decided to amend the grant funding to be assigned as part of the Core of District Centre interventions, and again granted delegated authority to the Strategic Director of Regeneration, Planning and Development after consultation with the Cabinet Member for Housing, Regeneration and Planning, the Chief Financial Officer and the Assistant Director of Corporate Governance

The Council entered into a Borough Intervention Agreement (BIA) with the GLA on 13th March 2018, which requires the Council to enter into a funding agreement with TH Ferry Island Limited Partnership (‘Argent Related’), the Council developer partner in respect of the various sites within the Strategic Development Partnership area. The Council had already entered into a Development Agreement with TH Ferry Island Limited Partnership on 21st March 2017.

Through dialogue with the GLA and with third parties, the Council is now prepared to enter into a funding agreement with TH Ferry Island Limited Partnership in order to realise the delivery of the Core of District Centre package of works, and to secure the delivery of new homes, including a significant number of affordable homes, through the Housing Zone programme.

• Do nothing / Do not enter into funding agreements with third parties

There are substantial infrastructural costs involved in bringing forward regeneration in Tottenham Hale. Without Housing Zone funding, it is highly unlikely that a policy compliant mix of affordable housing could be achieved in the DCF area, while delivering the enabling, infrastructural and public realm works required to enact the transformation of the town centre. In particular, the Council would at minimum face the loss of SDP land receipts if Argent Related were forced to bear these costs, with a further risk that the delivery of SDP sites would not proceed at all. As the Housing Zone programme has now closed and all funding agreements entered into with the GLA are now regarded by the GLA as fixed, there is no scope to amend the allocation of Housing Zone funding.