The Assistant Director, Regeneration and Place Delivery presented the report outlining in order for Purfleet Centre Regeneration Limited (PCRL) to fulfil its role as lead developer and deliver the planned programme set out in the Development Agreement, they were required to access sufficient additional levels of funding to bring the project forward. PCRL had insufficient funding and had sought investment from several third parties.

Members heard that PCRL had continued to attempt to address the funding situation, however the Council was mindful to examine alternative funding options, the latest being a proposal involving the English Cities Fund (ECF). Officers were therefore recommending that the Council work with PCRL and ECF, over a period of up to 3 months, to establish whether there were firm proposals that could be brought back to Members to enable the project to continue.

Following the update from the Assistant Director, Regeneration and Place Delivery, Members were invited to ask questions. Key points raised included:

• It was raised how frustrating it was that officers had not been able to get to this situation sooner, given a partner of project was unable to secure the funding required.
• This was an area of prime real estate within the borough and had great potential for development.
• The scheme was designed by local residents for local residents and if the best situation was to withdraw from the current partnership, then this was something that should be reviewed, however Members specified they did not want the area left as it was and for the scheme to not to be completed.
• The Interim Director of Place advised Members he had been speaking with the Purfleet Forum and had agreed that he would meet with local residents and to keep the community engaged with the project.

RESOLVED:

1.     That Planning, Transport and Regeneration Overview and Scrutiny Committee notes the written  legal opinion, and the financial risk assessment  and delegates authority to the Director of Place, in consultation with the Director  of Law and Governance and the Portfolio Holder for Regeneration, Strategic Planning and External Relationships  and Commissioners  (1) to endeavour to  negotiate a tripartite exit agreement with Homes England and Purfleet  Centre Regeneration Limited and if that is not a viable option to agree a mutual withdrawal, with Homes England, from the Purfleet Housing  Grant Determination Agreement which will lead to the determination of the  Back to Back GDA with Purfleet Centre Regeneration Limited and (2) to take all steps necessary to terminate the Development Agreement and other associated agreements following the termination of the Grant Determination Agreement and the Back to Back GDA.

2.     That Planning, Transport and Regeneration Overview and Scrutiny Committee notes the development option being proposed by PCRL and English Cities Fund and delegates authority to the Director of Place, in consultation with the Director of Law and Governance and the Portfolio Holder for Regeneration, Strategic Planning and External Relationships to negotiate and bring back to Cabinet an alternative development proposal no later than 13^th March 2024 Cabinet Meeting.