Benchmarking of Meridian Water Development Phase 1

The request was successful.

Dear Enfield Council,

For the Meridian Water Development Phase 1. Please provide the following information:

1) the stated cost of capital (borrowing cost) for the 4x prospective developers bidding for phase 1

2) The cost of capital (borrowing cost) adopted by Enfield Council as a 'public sector comparator' to the privately financed/developed scheme(s)

3) A CSV file of Enfield Councils existing PWLB loans, giving signed and draw down dates, coupon rate and loan maturity

4) The current PWLB market rate at which Enfield Council can currently borrow for housing development projects

5) Enfield's current total long term borrowing

6) The additional 'borrowing headroom' available up to Enfield's stated maximum borrowing cap (as stated in the current Treasury Management Strategy)

7) For each developers proposal please provide the financial viability assessment/ model used to price the developers bid

8) Please provide a copy of the benchmarking test/exercise/formula, or public sector comparator used by Enfield to ensure value for money and best/social value

9) Please confirm the named council officer(s) and positions(s) given delegated powers to recommend a preferred bidder/option for council approval

10) Please list the relevant professional qualifications and experience of officers listed in delegated powers to approve Meridian Water Development Phase 1

Yours faithfully,

Joel M Benjamin

complaintsandinformation, Enfield Council

Classification: OFFICIAL
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[1][Enfield Council request email] quoting your reference CRM FOI 5697

Kind Regards,
Complaints and Access to Information Team
Finance, Resources and Customer Services Department
Enfield Council
Thomas Hardy House
39 London Road
Enfield
EN2 6DS

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"Enfield Council is committed to serving the whole borough, fairly,
delivering excellent services and building strong communities."

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Simon Gardner, Enfield Council

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    PWLB outstanding loans.csv.txt

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    Treasury Management Strategy 201920.pdf

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Classification: OFFICIAL

Dear Mr Benjamin

Thank you for your email,  dated 30th March 2019  where you requested
information about the Meridian Water Development Phase 1.

Our response is:

1) the stated cost of capital (borrowing cost) for the 4x prospective
developers bidding for phase 1

              This is Commercially confidential as the details refer to
the developers bids. 

2) The cost of capital (borrowing cost) adopted by Enfield Council as a
'public sector comparator' to the privately financed/developed scheme(s)

              The Council mainly borrows from the PWLB and the timing of
borrowing and duration will be dependent on the prevailing gilt yield
curve.

3) A CSV file of Enfield Councils existing PWLB loans, giving signed and
draw down dates, coupon rate and loan maturity

              See attached

4) The current PWLB market rate at which Enfield Council can currently
borrow for housing development projects

              Information is available on the DMO website
-https://www.dmo.gov.uk/responsibilities/...

5) Enfield's current total long term borrowing

              The total borrowing as at 31 March 2019  - £845.132m

6) The additional 'borrowing headroom' available up to Enfield's stated
maximum borrowing cap (as stated in the current Treasury Management
Strategy)

              Attached is a copy of the councils latest Treasury
management strategy report for Phase 1

7) For each developers proposal please provide the financial viability
assessment/ model used to price the developers bid

              Attached is the evaluation scoring matrix for

8) Please provide a copy of the benchmarking test/exercise/formula, or
public sector comparator used by Enfield to ensure value for money and
best/social value

              The council uses common market criteria to evaluate the
project which includes NPV, IRR, Debt, Peak debt, net cashflow, payback
period, job creation and non-quantifiable criteria such as environmental
impact, health and safety, equality, sustainable growth, social/communal
benefits. A financial model has been developed to produce information for
each phase. There is no formal benchmarking formula.

9) Please confirm the named council officer(s) and positions(s) given
delegated powers to recommend a preferred bidder/option for council
approval

              No council Officer has delegated powers to recommend
preferred bidder status. Reports are drafted by officers and circulated to
relevant specialist departments such as Legal, Finance, Property,
Procurement, Health etc. for their comment.   The collated report then
goes to the Councils Executive Management Team who approve it to go to the
relevant members approval process.

10) Please list the relevant professional qualifications and experience of
officers listed in delegated powers to approve Meridian Water Development
Phase 1.

              No Officers have delegated powers to approve Meridian Water
Development Phase 1, approval sits with Cabinet.

We hope that this answers your questions.

If you are dissatisfied with the handling of your request, you have the
right to ask for an internal review. Internal review requests should be
submitted within two months of the date of receipt of the response to your
original letter and should be addressed to:

Complaints and Access to Information Team Email – [1][Enfield Council
request email]

Please remember to quote the reference number above in any future
communications.

If you are not content with the outcome of the internal review, you have
the right to apply directly to the Information Commissioner for a
decision. The Information Commissioner can be contacted at: Information
Commissioner’s Office, Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9
5AF

Kind Regards

Simon Gardner

Socio- Economic Lead Meridian Water Team

Place Department

Enfield Council

Silver Street

Enfield EN1 3ES

0208 379 3783

07983 404444

[2][email address]

[3]www.meridianwater.co.uk

[4]https://twitter.com/MeridianWater

“Enfield Council is committed to serving the whole Borough fairly,
delivering excellent services and building strong communities” 

Classification: OFFICIAL

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