This report requests approval from the Council , acting as Lender, to allow Brick by Brick Croydon Ltd (BBB) to bulk dispose of residential units at Kindred House development at less that the market value and in accordance with the Funding Facility Agreement.
Decision type: Key
Reason Key: Expenditure > £1,000,000;
Decision status: Recommendations Approved
Wards affected: Fairfield;
Notice of proposed decision first published: 24/11/2022
This decision will be taken under urgency procedures.
Reason for urgency:
Due to uncertainty with regards to the sale the Council did not anticipate that a decision would be required. An agreed price between BBB and the buyer was confirmed last week.
BBB need the Council to approve the disposal as per the details explained in Part A and Part B of the report. The need to move at pace to secure exchange on BBB properties is key so that the Council can deliver on its strategic aim with regards to BBB.
Anticipated restriction: Part exempt - View reasons
Financial Impact: Expenditure or savings of up to £1,000,000;
Decision due: 2 Dec 2022 by Executive Mayor
Lead member: Cabinet Member for Finance
Lead director: Interim Corporate Director of Resources (Section 151)
Department: Resources Directorate
Contact: Nish Popat, Interim Head of Corporate Finance Email: firstname.lastname@example.org.