Agenda item

5.1  The committee noted that a redacted version of a letter from Lend Lease had been circulated.  Some members were concerned that not having the complete information did not allow the committee to reach any decisions. The deputy chief executive reported that legal advice had been to remove commercially sensitive details from the letter and that the same action would have been taken if the executive’s decision had been called in by the overview & scrutiny committee.  The committee’s need to know the full contents was balanced against commercial elements which were sensitive to the council and Lend Lease.

5.2  The chief executive clarified that, when Lend Lease had asked to extend its exclusivity agreement with the council, she had asked Lend Lease to evidence that it was worth extending the agreement and subsequently had decided that any extension was so significant as to warrant a formal decision by the executive.  The committee’s need to know was based on its need to understand the background to the extension of the contract but excluded information which was not relevant to this and which might put the council’s future financial position at risk.

5.3  Members asked at what point the committee would have sight of the financial terms of any proposed regeneration agreement.  The chair took the view that, until this point, it would not be useful for the committee to consider this issue again.  The deputy chief executive responded that the committee might make an input into the financial modelling.  The chair asked the chief executive and deputy chief executive to let her know when legal advice was such as to allow the committee full sight of all financial information.

5.4  Members asked who had been doing the modelling to date, who were the independent people and how were they chosen.  The deputy chief executive reported that the finance director was working jointly with Lend Lease on design and build of a model, assisted by two independent organisations.  In response to questions the deputy chief executive confirmed that the finance director was able to draw on both internal expertise within the council and on external advisers.  Members also asked how robust the assumptions were on which any modelling was being based and whether the committee would be given the chance to challenge these assumptions.  The deputy chief executive stated that she understood that the deputy leader had given an undertaking that the committee would be given this opportunity.

5.5  The committee noted ongoing discussions with St Modwen Properties PLC and with TfL in respect of the transport infrastructure.