Subject: Financing of the Urban Renewal Project

         WHEREAS, Paragraph 8 (d) of the Second Part of the Fourth Schedule to the Constitution of Kenya bestows County Governments with the mandate of County Planning and Development, which includes provision of housing; whereas, the Nairobi City County Government, in its bid to provide decent and affordable housing to the city residents, is implementing Urban Renewal projects under a joint venture arrangement with development partners; and whereas, under the joint venture arrangement, the Nairobi City County Government and private developers formed a Special Purpose Vehicle (SPV) to implement the projects where the County Government holds the majority shares of ninety-nine (99) while the private developers holds one (1) share; noting, that under the joint venture arrangement, the Nairobi City County Government is expected to provide land for the projects while the developers are to raise funds and implement the projects; further noting, that in order to raise the required funds, financial institutions have required the private developers to provide collateral in order to provide the finances; recognizing that, at its sitting held on 18th April, 2023, the County Executive Committee resolved that Nairobi City County Government title deeds for the Urban Renewal project sites be deposited with financial institutions to act as simple non-collateral deposits in order to enable the joint venture development partners to raise finances necessary to implement the Urban Renewal projects; acknowledging that, vide a letter Ref. NCC/CS/PAA/297 dated 18th April, 2023 by the Ag. County Secretary, the County Executive requests this County Assembly to approve the aforementioned resolution of 18th April, 2023 with respect to the Pangani Estate project site; now therefore, taking into account the significance of the Urban Renewal Project to the residents of Nairobi City County, the resolution of the County Executive of 18th April, 2023 and the subsequent request to the Assembly and the conditions set out for the implementing of the joint venture, and pursuant to Section 8 of the County Governments Act, 2012, this County Assembly resolves to approve the resolution of the County Executive of 18th April, 2023, that Nairobi City County Government title deed for the Pangani Estate Urban Renewal Project site be deposited with the requesting financial institution, as simple non-collateral deposit, to facilitate the Joint Venture Development partner to raise the necessary finances for the projects to be accomplished.
Notice of Motion 19th April, 2023
Mover Hon. Peter Imwatok, MCA & Leader of the Majority Party
Seconder Hon. Anthony Kiragu, MCA (Minority Party Leader)
Dates Debated and/or Concluded 19th April, 2023
Remarks Adopted
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