DECISION

1.            To approve the allocation of £2,380,080 of S106 funding to the projects set out in Table 1 of the report and profiled in the Project Initiation Documents attached at Appendices A to C to the report and as set out below:

a)            Hackney Wick Station Improvements: £1,000,000

b)            Regenerating Brick Lane: £985,280

c)            TfL Commercial Road A13 and Watney Market Urban Realm and Safety Improvements: £394,800

2.            To approve the adoption of capital budgets in respect of the projects set out in the three PIDs and incorporate them into the Council’s capital programme. The capital budgets equate to:

a)            Hackney Wick Station Improvements: £1,000,000

b)            Regenerating Brick Lane: £589,000

c)            TfL Commercial Road A13 and Watney Market Urban Realm and Safety Improvements: £394,800

3.            To approve entering into a funding agreement within the London Legacy Development Corporation (LLDC) for the Hackney Wick Station improvements project.

Action by:

CORPORATE DIRECTOR, DEVELOPMENT AND RENEWAL (A. DALVI)

(Service Head, Planning and Building Control (O. Whalley)

(Acting Service Head for Economic Development (A. Scott)

The Mayor introduced the report noting that there were three schemes for consideration. Along with Cabinet Members and officers he went through each scheme in turn looking at the proposals, what was to be provided and who was in charge of each scheme. In relation to the Brick Lane proposal it was reported that Councillor Joshua Peck (Cabinet Member for Work and Economic Growth) was to chair an officer working group to lead the project.

The Mayor agreed the recommendations as set out in the report.

RESOLVED

1.            To approve the allocation of £2,380,080 of S106 funding to the projects set out in Table 1 of the report and profiled in the Project Initiation Documents attached at Appendices A to C to the report and as set out below:

a)            Hackney Wick Station Improvements: £1,000,000

b)            Regenerating Brick Lane: £985,280

c)            TfL Commercial Road A13 and Watney Market Urban Realm and Safety Improvements: £394,800

2.            To approve the adoption of capital budgets in respect of the projects set out in the three PIDs and incorporate them into the Council’s capital programme. The capital budgets equate to:

a)            Hackney Wick Station Improvements: £1,000,000

b)            Regenerating Brick Lane: £589,000

c)            TfL Commercial Road A13 and Watney Market Urban Realm and Safety Improvements: £394,800

3.            To approve entering into a funding agreement within the London Legacy Development Corporation (LLDC) for the Hackney Wick Station improvements project.