Issue - meetings

To enter into agreements with Lend Lease (Elephant and Castle) Ltd and KPI III SARL to take forward the regeneration of the Elephant and Castle shopping centre.

This item had not been circulated five clear days in advance of the meeting. The chair agreed to accept the item as urgent to enable the development agreement between KPI SARL to be completed on programme so as not to delay the regeneration of the shopping centre.  In particular, the board of KPI SARL would not release funding to move forward detailed design work until the agreement had been signed.  The cost of the design work was considerable and KPI SARL needed a contractual commitment from the council (this report) to enter into such expenditure.  A delay in completing the contract by the council would mean that design works would have begun three months later than programmed with a consequential knock on effect to the regeneration programme.  This was contrary to the council’s aspiration to bring forward the regeneration as soon as possible.

Additionally, the report needed to be considered on the same agenda as the Elephant and Castle Regeneration Agreement variation report, as the co-operation agreement formed part of an overall package in relation to the regeneration.

RESOLVED:

Cabinet agrees to enter into agreements with Lend Lease (Elephant and Castle) Ltd and KPI III SARL to take forward the regeneration of the Elephant and Castle Shopping Centre on the principal terms set out in Appendices A and B of the closed version of the report and to vary the Elephant and Castle Regeneration Agreement to reflect the change in delivery approach as a result.