You are viewing 1 of your 1 free articles
Councillors flag concern over £2bn development vehicle
In a wide-ranging scrutiny report presented on Tuesday, the panel recommended various measures, some of which could pose a significant delay to any final decision being made.
For example, the panel recommended that no final decision be made until a full business case had been completed and evaluated.
READ MORE
The development vehicle would involve transferring the council’s housing assets to a seperate company owned jointly by the council and developer Lendlease, with the aim of making it easier to raise finance to develop and improve new homes.
The scrutiny panel has repeatedly pressed for delays to the vehicle, arguing that the risks are too great.
Stuart McNamara, a member of the panel, told Inside Housing in January: “It could be construed as reckless for the council to pursue this without further work being done.”
Other recommendations made in the report include:
The appointment of an independent advisor to review the agreement
A ‘revolving door’ clause to prevent councillors from working for Lendlease, the developer selected for the project, for five years
A guarantee of 40% affordable housing as well as no reduction in the number of homes available for social rent
A ballot for residents on the final decision
The publication of all viability assessments without redaction
The establishment of a wholly owned housing company to purchase and manage the social and affordable homes involved in the vehicle
Haringey Council has been unavailable for comment.
The Labour Group voted in favour of pressing ahead with the development vehicle last night.
