Decision details

RESOLVED that: -

(a)           the budget of £543k for the new Summers Avenue scheme to the Council Newbuild Housing & Acquisitions Strategy (CHNAS) be approved;

(b)           the financial strategy for the scheme as set out in paragraphs 8 to 11 with specific approval for the use of £400k new prudential borrowing to be repaid over 50 years from the HRA be approved;

(c)           the procurement of build works to the inhouse Construction Works Team (subject to capacity and budget compliance) be approved;

(d)          the delegation to SRO (in conjunction with the Chief Financial Officer) authority to enter into a contract for build works providing all key parameters (including delivery within approved capital budget) are met; and

(e)          the appropriation of land for housing purposes if required be approved.

Voting: Unanimous

Portfolio Holder: Development, Growth and Regeneration

Reason

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