Decision details

RECOMMENDED that Full Council

1.       Approves the proposed £32m housing scheme for progressing to planning and subsequent tender, commencement and completion of build subject to the conditions set out in the Financial Strategyand authorises the Corporate Director for Environment and Community to approve necessary appropriations and contractual and legal agreements in consultation with the Monitoring Officer and Chief Finance Officer.

2.       Approves the financial strategy for the scheme as set out in paragraphs 34 to 58 with specific approval for:

2a. The appropriation of land from the General Fund to the Housing Revenue Account (HRA) to enable the development of the affordable housing is valued at £1.25m.

2b. £18.222m of prudential borrowing to be repaid over 50 years with £8.88m being used to finance the General Fund (Hostel and Private Rented Sector) scheme and £9.342m being used to finance the Housing Revenue Account (HRA) (Affordable rented and Shared Ownership Scheme).    

2c. The utilisation of the capital receipt (valued at £495k) from the sale of the building at Oxford Road referred to in paragraph 43 of the report.

3.     Authorises the Section 151 Officer in consultation with the Portfolio Holder for Finance to determine the detailed funding arrangements.

4.     Authorises the Corporate Property Officer in consultation with the Monitoring Officer to agree the detailed contract provisions; and

5.     Approves the grant of a 25-year lease of the completed private rented sector (PRS) part of the development to Seascape Homes and Property Limited on terms to be agreed by the Corporate Property Officer in consultation with the Monitoring Officer.

Voting: Unanimous

REASON

To enable the proposed housing scheme to progress with the agreed funding arrangements through to planning and subsequent completion in order to deliver the wide range of benefits to the Council and local communities.