Issue - meetings

To agree the Joint Venture Agreement (Development Agreement) between Southwark Council and Berkeley Homes plc in respect to the formation of the One Tower Partnership and the development of land at Potters Fields London SE1.

It was not possible to circulate this item five clear days in advance of the meeting. The chair agreed to accept the item for reasons of urgency as under the signed Heads of Terms, both parties had committed to act in good faith. In recognition of this commitment and Berkeley Homes’ submission of a planning application, it was essential that the council showed reciprocal commitment to the partnership.  The next scheduled meeting of the council’s cabinet was not until 21 September 2010 and as the planning application had been submitted and the Development Agreement finalised, the programme for bringing forward development would be affected adversely if the decision was delayed until September 2010.  Also the council and Berkeley Homes both required certainty that the Development Agreement had been agreed before the required resources could be committed to bring forward development.

RESOLVED:

1.  That a Joint Venture Agreement (Development Agreement) between Berkeley Homes (South East London) Ltd and the London Borough of Southwark (and other parties) relating to the formation of the One Tower Bridge Partnership and the development of land at Potters Fields London SE1 be entered into.

2.  That the disposal of the council’s interest in land as highlighted in orange diagonal lines on the plan attached at appendix 1 to the report be approved.

3.  That it be noted that the Development Agreement is in accordance with the Heads of Terms as agreed at executive on 29 July 2009 and the executive decision on Future Options Co-Operation Agreement dated 19 March 2008.

4.  That the reasons for the delegation to the chief executive not being exercised, as detailed in paragraph 13 of the report be noted.