Purpose

To support the development of Baltic Wharf by
a joint venture in which Goram will be a 50% partner (One Baltic
Wharf LLP), Goram Homes is seeking a £1.4m capital
contribution from the Council.
The 2018 Cabinet Report set aside £10m for Goram investment
when the company was set up, for Baltic and Romney, and the March
2022 Cabinet Report confirmed that £1m of that envelope
remained available for capital contribution to Baltic specifically.
This £1m remains available to fund the £1.4m capital
contribution in respect of Baltic.
There is separate Cabinet authority for a further £10m of
funding, including £6m of capital funding, for Goram’s
other development sites (Pipeline 2/3 Funding) (March 2021 Cabinet
Report and March 2022 Cabinet Report).
It is proposed that £400k of the Pipeline 2/3 Funding be used
to fund the balance of the Baltic requirement.

Content

To gain approval to transfer £0.4m from
the Pipeline 2/3 Funding to facilitate adequate funding for Goram
Homes in respect of the Baltic development.

Alternative options considered

The proposals align with corporate priorities
and with previous Cabinet Decisions, so no other options have been
considered as funding for this exists within the Pipeline 2/3
Funding for allocation.