It was in Neil Vokes' introduction that the remainder of the funding for the theatre build will come from the Arts Council (bid pending - fingers crossed) and from our other fundraising - they didn't show the various income sheets specifying that. We have trigger dates set into our draft Heads of Terms to demonstrate fundraising progress. Grant Thornton have modelled the scheme with and without Ovalhouse - in fact that sheet was left up on the screen while we were all talking for far too long for my likingI did notice that the build cost of the Theatre is assumed to be six and a half million. The Oval site ( part of deal is that the Council will get Oval site in exchange for Theatre coming to Somerleyton) is assumed to be worth £3, 100 000. Where is the rest going to come from? The Theatre is one of the risk factors in the scheme.
In the end it will be up to Council what proportion will be at Target rent.
As I said before if residents choices are limited due to financial constraints of the Council then this has to be made clear and noted.
I’ve done consultation before and am wary of being seen as wholeheartedly supporting a Council scheme. Critical support yes but I do not want to see Council press releases saying this is all agreed with local residents and everyone is 100% happy with outcome. How wonderful the Cooperative Council is etc.
I think it does need to be made clear what the constraints are, and that if residents consultation says '100% target rent across all 286 (?) homes' and the financial reality is that the cost of the build plus the cost of borrowing the money for the build is more than the income from the rents then that is a constraint. Consultation is about what is possible within the constraints - although consultation has actually led to some good ideas about how constraints can be worked around.
As a matter of policy Pete Robbins also explained that LBL favoured a mix of housing on the site and if there was a capacity in the council to provide more target rent properties then they would like to make these available in other areas of the borough as well as in Coldharbour Ward. And that the council are looking at this scheme as a pilot for developing other sites in the same way across Lambeth to achieve more target rent homes.