Issue - meetings

The BCP owned site is currently a 2-3 storey residential building with 18 flats.

The current proposal presents a new build scheme of 24 apartments and associated parking to be provided on the site. 

These homes will help towards imminent new Local Plan housing targets and will also contribute significantly to unmet housing need.

All of the homes are to be for Affordable Rent and will be designed to high energy standards meeting Passivhaus standards.

RECOMMENDED that Council approve the proposed £5.3m housing scheme for progression to Council for subsequent approval request:

(a)                  Approval to tender, commencement and completion of build subject to the conditions set out in the Financial Strategy and 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.

(b)                 Approve the financial strategy for the scheme as set out in paragraphs 24 to 56 with specific approval for:

i)                      £3.67m of prudential borrowing to be repaid over 50 years used to finance the Housing Revenue Account (HRA).

ii)                   The capping of rental income to Affordable Rent levels and Local Housing Allowance.

(c)                  Authorise the Section 151 Officer in consultation with the Portfolio Holder for Finance to determine the detailed funding arrangements.

Voting: Unanimous

Portfolio Holder: Homes

The Portfolio Holder for Homes presented a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'H' to these Minutes in the Minute Book.

Cabinet was informed that the BCP owned site is currently a 2-3 storey residential building with 18 flats, and that further to this the current proposal presented a new build scheme of 24 apartments and associated parking to be provided on the site.

In relation to this Cabinet was advised that these homes will help towards imminent new Local Plan housing targets and will also contribute significantly to unmet housing need.

In addition, Cabinet was informed that all of the homes are to be for Affordable Rent and will be designed to high energy standards meeting Passivhaus standards.

RECOMMENDED that Council: -

(a)           approve the proposed £5.3m housing scheme for progression to Council for subsequent approval request:

a.      Approval to tender, commencement and completion of build subject to the conditions set out in the Financial Strategy and 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.

b.      Approve the financial strategy for the scheme as set out in paragraphs 24 to 56 with specific approval for:

i)            £3.67m of prudential borrowing to be repaid over 50 years used to finance the Housing Revenue Account (HRA).

ii)         The capping of rental income to Affordable Rent levels and Local Housing Allowance.

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

Voting: Unanimous

Portfolio Holder: Homes