Issue - meetings

AGREE that Cabinet:

a)       as landowner, promotes a scheme which will deliver 207 units with an initial split of 133 market and 74 social units;

b)      alongsidethis, continueto negotiatewith Homes England to maximise the affordable housing on the scheme through grant funding and a further report will be brought forward at the appropriate time;

c)       increase the HRA Capital budget by xx (financed by the Major Repairs Reserve) to xx to allow for future inflation and contingency;

d)      the Revenue loss of xx due to the change from Affordable Rent to Social Rent and a reduction in units from 100 to 74 be noted; and

e)       give delegated authority to the Director - Housing, Health & Wellbeing in consultation with the Director – Resources / S151 Officer and Portfolio Holder for Housing to negotiate and enter into the development agreement and subsequent JCT agreements, subject to planning permission, costs remaining withinthe approvedbudget envelopeand risk profile.

The Business Manager – Regeneration & Housing Strategy presented a report which updated Memberson theYorke DriveRegeneration Scheme. The report set out the background to the project and its evolution since the original concept in 2012. The report also detailed the complexities behind the scheme and the external impacts on the project. The report presented three scenarios at section 2.3 for the delivery of social housing within the scheme and projected costs. Some costs had been excluded from the report and included in an exempt appendix given they were commercially sensitive.

The Cabinet indicated their full support for the project and delivering the scheme for the residents of Yorke Drive.

AGREED      (unanimously) that Cabinet:

a)           as landowner, promotes a scheme which will deliver 207 units with an initial split of 133 market and 74 social units;

b)          alongsidethis, continueto negotiatewith Homes England to maximise the affordable housing on the scheme through grant funding and a further report will be brought forward at the appropriate time;

c)           increase the HRA Capital budget by xx (financed by the Major Repairs Reserve) to xx to allow for future inflation and contingency;

d)          the Revenue loss of xx due to the change from Affordable Rent to Social Rent and a reduction in units from 100 to 74 be noted; and

(e)     give delegated authority to the Director - Housing, Health & Wellbeing in consultation with the Director – Resources / S151 Officer and Portfolio Holder for Housing to negotiate and enter into the development agreement and subsequent JCT agreements, subject to planning permission, costs remaining withinthe approvedbudget envelopeand risk profile.

Reasons for Decision:

To continue the delivery of the Yorke Drive Regeneration Programme, a key action within the Community Plan and delivering overarching transformation for the Bridge Ward.

Options Considered:

Alternativeoptions areconsidered withinthe bodyof the report.