Issue details
One year interim payment to Ocean Regeneration Trust (ORT) of £80k
PDF 81 KBThe council is looking for approval on a one-year interim payment of £80k for 2017/2018 to the ORT. The interim payment is needed to cover the period until rental income is received from the leasing of the north side of Ben Jonson Rd shops. The lease negotiations have slowed due to issues relating to planning and leaks which are currently being resolved.
The one year payment is in line with previous payments of this amount which has been granted to the Trust. The decision to continue for one more year will contribute to their ongoing commitments of staff salaries, rent and delivery of their programmes.
Decision type: Key
Decision status: Recommendations Approved (subject to call-in process)
Wards affected: St Dunstan's;
Notice of proposed decision first published: 06/07/2017
Open/Exempt: Open;
Decision due: 6 Sep 17 by Grants Scrutiny Sub-Committee
Decision due: 12 Sep 17 by Grants Determination (Cabinet) Sub-Committee
Lead member: Deputy Mayor and Cabinet Member for Health and Adult Services
Lead director: Corporate Director, Place
Department: Place
Contact: John Coker, (Strategic Housing Manager, Place) Email: john.coker@towerhamlets.gov.uk.
Consultation process
The council meets with the Trust regularly and has membership on the Trusts board.
Meetings and contact is had regularly with the Trust.
Has an Equality Analysis been carried out and if so the result of this Assessment?: N/A
What supporting documents or other information will be available?: N/A
Decisions
Agenda items
- 24/10/2017 - Grants Determination (Cabinet) Sub-Committee One year interim payment to Ocean Regeneration Trust (ORT) of £80k 24/10/2017