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Haringey changes its spots - the evolution continues - Haringey Development Vehicle

I've posted a couple of pieces about the way in which Haringey is changing its approach to deal with the changes now being implemented in the way Local Authorities are being funded -  Haringey changing its spots, and Claire Kober's approach to risk.

Another development in the same vein would seem to be the Haringey Development Vehicle - a 50/50 joint venture with a private developer. The model chosen by the council is the Overarching Vehicle! as set out in paragraphs 7.40 - 7.42 of this document, and at the foot of this page. Don't ask me - perhaps we could find someone to explain to us.

A number of shopkeepers in Veryan Court have received letters from their landlord (Haringey) setting out , well, not very much really. See the images below for the text. The immediate result of this is that rumours are abounding that the whole of Veryan Court is to be demolished. I can find no evidence of this. But the uncertainty generated may well cause businesses to relocate. And of course the choice of private developer is subject to procurement processes. Which as it says in the letter means that none if us, the public, has any idea who it might be or how the process is progressing.

All this vagueness and hints of big changes to come is very unsettling

There is a meeting about the Lynton Road site allocation on Wednesd...

Option 6: Overarching Vehicle

7.40. This option builds on the initial concept set out at Option 4. However, under this option the Council and a strategic partner e.g. a development partner or strategic funding investment partner, create an overarching strategic partnership through an Overarching Vehicle (“OV”). The OV can then take assets forward by way of different delivery mechanisms beneath the overarching level, through for example, development agreements, joint ventures etc. Assets could be taken forward individually, as portfolios or through sub portfolios of assets. The structure would also allow for the cross funding of income from the commercial portfolio and quick win projects (i.e. value release properties) to be used to fund projects such as the key estate renewal sites.

7.41. The OV could also provide an asset management role to enhance returns from the assets in this portfolio or be established with an investment partner with delivery of sub portfolios beneath this using development partners and local services providers.

7.42. The OV could also act as a development manager, asset manager and fund manager and provide a strategic funding role in taking schemes forward. The model would also allow the Council involvement in those schemes where it has limited land ownership. This is the approach taken by the LB Hammersmith and Fulham (in partnership with Stanhope), and by Sunderland Council.

Tags: claire kober, haringey, lga, lynton road, risk, site allocation, veryan court

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