Havering Council has outlined its desire take over a significant regeneration project as part of a long-term scheme to deliver homes.
Council officers have recommended to cabinet their preferred proposal for Havering to acquire the Notting Hill Genesis interest in the Rainham and Beam Park regeneration limited liability partnership (LLP).
“This will ensure the continuation of the regeneration of Rainham and Beam Park and the delivery of the new homes for Havering,” the council said.
The Rainham and Beam Park Regeneration LLP is currently a 50-50 venture between the council and Notting Hill Commercial Properties (NHCP), part of major housing association Notting Hill Genesis.
Under the preferred proposal, cabinet would give approval for the council to take on NHCP's 50pc interest.
The cabinet, led by council leader Ray Morgon, will consider the joint venture's future structure tomorrow (July 19) and vote on the next step.
The partnership was formed in 2017 to provide more than 850 homes on nine sites along the A1306.
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When asked about how the council would afford taking this on, a spokesperson said funding would come from the general fund capital budgets already agreed by previous approvals for the venture.
"The recommendations are seeking approval to use the capital funding in different ways but does not increase the provision allocated," the spokesperson added.
Council documents on how the scheme will be financed have been exempted.
They are exempt because they refer to confidential information which may be shareholder sensitive and relate to ongoing negotiations with a private company, the cabinet report said.
The public interest in maintaining the exemption outweighs the public interest in disclosing the information, it added.
The partnership is part of a wider housing zone established in 2015.
Lack of support from the Department for Transport for the construction and opening of Beam Park station and economic uncertainties from Covid has made it difficult for the board to find a solution, the council added.
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