Decision details
Release of funding to East End Community Foundation (formerly Isle of Dogs Community Foundation)
Decision Maker: Commissioners' Decision Making Meeting
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Purpose:
Agree to provide an Endowment of £991,798 to the East End Community Foundation (EECF) from section 106 money, to deliver Social and Community projects in the wards of Lime House, Poplar, Lansbury, Blackwall and Cubitt Town Canary Wharf and Island Gardens.
Decision:
Commissioners noted the reasons for urgency offered regarding the late publication of the report, in that there had been a delay in completing due diligence. Councillor Pierce expressed concern about requests to waiver the 28 day notification on grounds of transparency. In his view; there were no clear grounds relating to this item. Commissioners deliberated, and then agreed to consider the report as an urgent item.
Owen Whalley, Service Head Planning and Building Control, introduced the report which concerned the release of held S106 to East End Community Foundation.
The Chair invited Members to comment on the proposal. Councillor Saunders indicated that she had no comments that she wished to make. Councillor Golds supported the proposal and thanked the Mayor for his work on this matter. He raised a concern that the unreleased/held S106 monies had not accrued interest and was informed that the S106 was a fixed sum award, therefore no interest would be payable.
Commissioners discussed the financial vehicle through which the monies had been held on deposit with the Mayor and Director of Resources and concluded an element of interest had accrued. Commissioners considered that, since the organisation had had not caused the grant to be withheld, an exceptional arrangement to make a payment of interest should be considered. The Corporate Director for Resources advised that this would be investigated and a report made.
RESOLVED
1. That it be noted the money held specifically for the IDCF (now the EECF) is £991,798;
2. That it be agreed that the Council enters into an Expendable Endowment Agreement with East End Community Foundation whereby the Expandable Endowment Sum of £991,798 is transferred to EECF.
3. That it be agreed that delivery of Social and Community projects be restricted to the wards of Limehouse, Poplar, Lansbury, Blackwall and Cubitt Town and Canary Wharf and Island Gardens
4. That it be agreed that any future monies paid, in relation to un-triggered payments secured in supplemental Riverside South s106 agreements or any further legacy MQ MQ agreements, should be provided to the EECF under the same terms.
5. That an exceptional payment of interest accrued from the held S106 be investigated and reported as appropriate.
Report author: Head of Service, Procurement & Corporate Programming,
Publication date: 04/11/2015
Date of decision: 21/10/2015
Decided at meeting: 21/10/2015 - Commissioners' Decision Making Meeting
Accompanying Documents: