Issue - meetings

Report CSD22

A motion to approve the following recommendations from the Executive was moved by Councillor Tony Owen, seconded by Councillor Shaun Slator and CARRIED –

(1)  The decisions made by the Executive in relation to Crystal Palace Park at its meeting on 29^th June 2022 be noted.

(2)  That Council approve an initial addition of £4.5m to the capital programme in 2023/24 to forward fund the capital regeneration works in Crystal Palace Park, which will need to commence prior to any of the housing land capital receipt being received, and notes that subsequent Crystal Palace Park works will then be funded from the capital receipt from disposal of the housing land.

(3)  That Council approve the commencement of the forwarded funded heritage restoration capital works, limited to £4.5m (expected housing receipt £17.5m) noting that the capital programme will regularly be updated to reflect the impact of this on total scheme expenditure.

(4)  That Council approve the following course of action in respect of the capital requirements for the regeneration of the Park:

  i.  Approve that any capital receipt generated by the disposal of the Housing Sites will be ringfenced solely for heritage works in Crystal Palace Park, as required by the enabling development Planning Permission, as set out in paragraph 3.10 of the report.

  ii.  Agree that any capital receipt generated by the Housing Sites will be spent on the Park’s Regeneration Plan capital scheme (including returning funds spent to date to the Council and the endowment) within ten years of the capital receipt entering the Council’s bank account. If the funds are not spent within this time period, as set out in this report, the Council will be penalised by 2% per annum of the remaining funds and required to grant the penalty monies to the Trust.

  iii.  Approve that once the capital receipt for the Housing Sites is received that the Council's capital programme budget is increased in line with the value of the receipt, subject to details of that amendment with updated scheme costs and funding being agreed by the Executive through the capital monitoring reporting process; any such amendments will be subject to the principle that total spending on this scheme will never exceed actual income to the Council secured from capital receipts and grants and contributions from third parties.

 iv.  Agree that any interest accrued by the Council from the capital receipt for the Housing Sites is also used for the regeneration of the Park, with interest calculated at General Treasury Management rates, and the approved capital programme updated accordingly.

(5) Agree that the spend to date of £1.185m returned to the Council will be used as the match funding required for grant applications effectively recycling the investment to date.