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Haringey Development Vehicle - Financial Close and Establishment

Meeting: 03/07/2017 - Cabinet (Item 35)

35 Haringey Development Vehicle - Financial Close and Establishment pdf icon PDF 708 KB

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

 

Approval of the legal documentation to establish the joint venture Haringey Development Vehicle, the Vehicle Board and its first set of business plans.

 

 

 

Additional documents:

Minutes:

Before the Cabinet Member introduced the report, the Leader advised the meeting, that the public appendices to this report were included at pages 97 to 1474 of the second pack of papers, for ease of reference.

 

The Leader asked the Cabinet, in particular, to note the equalities comments in the report at section 8.49-8.57 and the equalities impact assessments completed for the strategic business plans for Northumberland Park at appendix 3b, Wood Green at appendix 4b, Cranwood at appendix 5b. Also to note the equalities impact assessments for the Commercial Portfolio at appendix 6B and the social economic business plan at appendix 7b.

 

Councillor Strickland introduced the report and set out the overall aim in establishing the HDV [ Haringey Development Vehicle] which was to meet current and future demands in housing need, by building greater numbers and types of housing in the borough. In addition, tackling unemployment and child poverty, improving use of existing land for employment stock, and creating more local jobs. The HDV would further provide the right infrastructure to meet the regeneration needs and ambitions of the borough.

 

Councillor Strickland continued to provide the background which had led to consideration of a joint venture vehicle. This was following participation in the Future of Housing Review with a cross party group of Members and visiting other Councils which had various development arrangements in place. The cross party group had been concerned that other Councils were handing over land with little or no control on the outcome and not having any skills / expertise to access to regenerate areas.

 

The Cabinet Member underlined the importance of having a vehicle to facilitate estate and town centre regeneration of the borough with people at the centre of the decision making process. He continued to outline the benefits of the joint company model put forward which would mean setting up a 50/50 company with Haringey elected members retaining control over key decisions, and the company can only act within the priorities and plans set out in the company’s business plan.

 

Specific requirements and guarantees were sought from Lendlease before the HDV was proposed for establishment. The Cabinet Member was satisfied that the Council was being offered:

 

 

·         6400 new homes built with at least 40 % affordable

·         Guarantees on right of return.

·         More control of the development of sites to ensure that there is increased housing.

·         Access to skills and expertise to make the most of the land.

·         Taking forward estate regeneration and being at the centre of the decision making for the next 20 years.

 

There was also a landmark proposal, similar to the agreements reached on the Olympic Park on local jobs and employment standards including the Living Wage. The joint venture would ensure existing residents get better housing, improved community facilities, jobs, health centre access, community facilities, a library, new green space and youth programmes. This was beyond what has been previously secured by the borough through regeneration schemes.

 

Councillor Strickland emphasised that the recommendations had come forward after  ...  view the full minutes text for item 35