Issue - meetings

The Council received a report which provided an update on the Sheerwater Regeneration scheme and sought approval for the release of funding for the first phase of the residential element of the regeneration.  The details of the proposals were introduced by the Leader of the Council, Councillor Bittleston. 

The Members discussed a number of elements of the proposals including the division of responsibility between the Sheerwater Regeneration Oversight Panel and the Sheerwater Regeneration Delivery Board which would replace the existing Sheerwater Regeneration Project Board, and the arrangements for the athletics track and the football pitch.  It was noted that two planning applications for the scheme, one proposing minor but material amendments to the existing hybrid planning permission, the other a hybrid application seeking part outline planning permission, part full planning permission for the scheme, were to be considered at the next meeting of the Planning Committee.

RESOLVE That      

(i)      the position regarding implementation of the Sheerwater regeneration scheme be noted;

(ii)      a short term loan facility of £42m, on terms previously approved by Council for Sheerwater, be released to Thameswey Developments Limited to enable the first residential phase, ‘Purple’ to be implemented;

(iii)     on completion of the construction of the ‘Purple’ phase, a 50 year loan facility of up to £48.4m be made available to Thameswey Housing Limited at a 0.5% margin over the Council’s borrowing costs;

(iv)    a Sheerwater Regeneration Delivery Board be created to replace the existing Sheerwater Regeneration Project Board, and that all Canalside Councillors will be allowed to attend and contribute to the Board, and 

(v)     the role of the Sheerwater Regeneration Oversight Panel be refined to focus on the social, environmental and economic issues for the residents and businesses in Sheerwater, both inside and outside the red-line area.