Issue - meetings

(Report of the Director of Place and Sustainability – To be introduced by the Cabinet Member for Environment and Cabinet Member Economic Development &Social Inclusion) -  The Cabinet will receive an  update on the  progress of the Tottenham Hale Gyratory Scheme (reverting the Gyratory to two-way traffic flow, building a new bus interchange at Tottenham Hale Station and associated works) following the signing of the First Funding Agreement between the Council and Transport for London authorised by Cabinet in September 2010.

The Cabinet will be asked to authorise the completion of the Second Funding Agreement to commit funding to complete the second and final phase of the Gyratory Scheme by Autumn 2014 requiring the commitment of up to £5,141,900 from the Council and subject to satisfactory completion of the Hale Village Section 106 Agreement

The Cabinet will note the combined contributions to the 2^nd phase of the scheme by Transport for London and Homes and Communities Agency total £17,998,000.

The Cabinet will consider the transfer to Transport for London of two Council-owned strips of land required for essential localised road widening as part of the Gyratory Scheme.

The Cabinet received a report that provided an update on progress with respect to the Tottenham Hale Gyratory Scheme following the signing of the first funding agreement between the Council and Transport for London (TfL).

Authorisation for the completion of the second and final phase of the scheme by Autumn 2014, subject to the satisfactory completion of the Hale Village Section 106 Agreement was also sought.

Cabinet was advised that since the publication of the agenda the objection to the transfer of land, recommended in 4.6 of the report, had been withdrawn and as such the recommendation had been amended to reflect this.

It was noted that measures had been put in place to mitigate the risk attached to the receipt of monies from the Section 106 Agreement being delayed. The current economic climate and housing downturn had had an impact on the Hale Village scheme in order ensure that scheme could progress in the even of a delay in the receipt of this £500k had been included in the Council’s indicative capital programme to cover, in part, any shortfall. This sum would then be recouped when the Section 106 contribution had been received.

RESOLVED:

1. That the sum of £5,141,900 should be committed as the Council’s contribution to the Phase Two main construction works for the Tottenham Hale Gyratory Scheme (together with the use of remaining Growth Fund money from Phase One work), having fully considered the risks associated with the possible non-receipt of funds (as set out in paragraphs 6.20 – 6.29 of the report). 

2. That the sum of £878,000 should be allocated in the indicative capital programme for 2012/13 as an additional contingency fund to mitigate the risk of shortfall in Section 106 receipts that can be allocated to the scheme (as set out in paragraphs 6.21 – 6.29 of the report).

3. That the Director of Place and Sustainability and Head of Legal Services should be authorised to finalise the drafting and completion of the second funding agreement for the Tottenahm Hale Gyratory Scheme, along with Transport for London, that would commit the Council funds approved under point (i) of this resolution, subject to the prior completion of the Hale Village Section 106 Agreement, which provides for infrastructure payments that can be used towards the scheme.

4. That Transport for London will be responsible for funding any increase in costs above the estimated total cost of £34.176m for the whole scheme.

5. That the principle (without fettering any future decisions of the Council) that up to £10,002,000 of the investment by Transport for London and up to £4,998,000 by the Homes and Communities Agency, for the scheme may reimbursed to those organisations by the Council subject to:

a.      the receipt of appropriate and sufficient payments that could be allocated to the scheme from Section 106 agreements or a Community Infrastructure Levy system (if such a levy was introduced by the Council in the future) with such decisions being at the sole discretion of the Council and;

b.      any reduction in  ...  view the full minutes text for item 51