Issue - meetings

[Report of the Director for Planning, Regeneration and Development. To be Introduced by the Cabinet Member for Housing, Regeneration and Planning.]

The report sets out the key elements of the Housing Zone Phase 2 funding package which has been allocated by the Greater London Authority (“GLA”) to facilitate regeneration in North Tottenham and seeks approval to agree and enter into an Overarching Borough Agreement (“OBA”)  (and all Borough Intervention Agreements (“BIA”) flowing from the OBA) with the GLA.

The Cabinet Member for Housing, Regeneration and Planning was pleased to introduce the report which took forward a new exciting phase for the regeneration of Tottenham. The GLA had already agreed £44m for the Housing Zone phase 1 in Tottenham Hale and were now agreeing a further £62m to support High Road West regeneration in, Northumberland Park, with Phase 2 of the Housing Zone. This would fund housing infrastructure costs, land assembly, including affordable housing, ensuring a continued mix of housing in Tottenham.

The report set out the key elements of the Housing Zone phase 2 funding package and sought approval to enter into an overarching Borough Agreement[OBA] and BIA[ all Borough Intervention agreements[ BIA] flowing from the OBA with the GLA.

In response to Councillor Engert’s questions, the following information was noted:

• The Council’s continued aspiration was for a higher ratio, than the 30% listed in the report, of affordable housing. It was noted that the 30% figure included the use of the affordable housing grant, and other grants, demonstrating the challenges faced with building affordable housing in North Tottenham. The Council were aiming to get a higher ratio of affordable housing but this depended on land values secured and also taking into account a need to rebuild properties in this area as this would push up cost and further affect the level of affordable housing units available.

• Bids on a set of development proposals will be taken forward for the scheme. Firstly, the Council will acquire the land in the scheme and divide this up for development. Land would then be released in phases to the agreed developer allowing the financial viability for each stage of development to be assessed and the Council’s vulnerability to any cost to be understood.  Should the market valuation at each phase show a problem with financial viability then there would be an opportunity to look again at each of the phases, as this would be part of the contractual arrangement. The Director for Planning, Regeneration and Development assured Councillor Engert that the Council would not take forward a deficit position in the development of this land for housing.

• The length and timing of Brexit negotiations were uncertain and land values had not currently seen an impact. Therefore, the Cabinet were being recommended to capture the opportunity provided by GLA funding and to take forward the competition for the development of land for housing in North Tottenham.

RESOLVED

1.To agree to the funding from the Greater London Authority (“GLA”) set out in paragraph 6.6 of this report and give delegated authority to the Chief Operating Officer and the Director of Regeneration, Planning and Development after consultation with the Cabinet Member for Regeneration and Housing to:

1.1Finalise and agree the Overarching Borough Agreement (“OBA”)  for Tottenham Housing Zone Phase 2 (North Tottenham)  based on the core terms set out in paragraphs  6.7- 6.11 of this report and associated legal documents, including all  Borough Intervention agreements (”BIA”);

1.2 bid for and agrees any further  ...  view the full minutes text for item 67