Issue - meetings

This report has two appendices which contain information exempt within the meaning of Schedule 12A to the Local Government Act 1972 and are not for publication. The appendices have therefore been circulated to Cabinet Members only.

Any discussions on the contents of an exempt appendix will require Cabinet to pass the proposed resolution identified at the end of the agenda to exclude members of the public and the press the proceedings for that discussion.

1.         Notes that Appendices 1 and 2 are not for publication on the basis that they contain information relating to the financial or business affairs of any particular person (including the authority holding that information) as set out in paragraph 3 of Schedule 12A of the Local Government Act 1972 (as amended)

2.         Approves the council’s acquisition of 37 homes and 4 disabled parking spaces in Quayside Lodge development funded by the HRA at the price set out in Appendix 2 (exempt) in line with the Heads of Terms set out in Appendix 1 (exempt).

3.         Approves a capital budget envelope for this proposed acquisition, as set out in Appendix 2.

4.         Authorise the Strategic Director for the Economy, advised by and in consultation with the Director of Finance and Assistant Director of Legal Services, to:

a.         finalise an Agreement for Lease and other contractual terms (including minor amendments to the Head of Terms) and enter into binding contracts for the purchase of the 37 affordable homes;

b.         enter into all necessary legal agreements including Agreement for Lease and arrangements around share of freehold;

c.         Note the outcome of the due diligence process and proceed with the acquisition if it is materially beneficial to the council; and

d.         Negotiate any modifications, alterations, or additions to the existing Planning permission and planning agreement which might be necessary or desirable, including conversion of affordable homes to more genuinely affordable tenures.

Councillor Andrew Jones introduced the report setting out an opportunity for the Council to acquire 37 new affordable homes within a development, that was currently finishing construction and at a commercially advantageous price. It was important to note the acquisition of family sized homes supporting the Council’s objectives under the emerging family housing strategy. This acquisition would give a positive impact on the HRA position on the long term.

In reply to a question from Councillor Alford , Councillor Jones said that the timescale for acquiring these properties would be short. Possible by May or June on the current year.

AGREED UNANIMOUSLY BY THE CABINET MEMBERS:

1.         Notes that Appendices 1 and 2 are not for publication on the basis that they contain information relating to the financial or business affairs of any particular person (including the authority holding that information) as set out in paragraph 3 of Schedule 12A of the Local Government Act 1972 (as amended)

2.         Approves the council’s acquisition of 37 homes and 4 disabled parking spaces in Quayside Lodge development funded by the HRA at the price set out in Appendix 2 (exempt) in line with the Heads of Terms set out in Appendix 1 (exempt).

3.         Approves a capital budget envelope for this proposed acquisition, as set out in Appendix 2.

4.         Authorise the Strategic Director for the Economy, advised by and in consultation with the Director of Finance and Assistant Director of Legal Services, to:

a.         finalise an Agreement for Lease and other contractual terms (including minor amendments to the Head of Terms) and enter into binding contracts for the purchase of the 37 affordable homes;

b.         enter into all necessary legal agreements including Agreement for Lease and arrangements around share of freehold;

c.         Note the outcome of the due diligence process and proceed with the acquisition if it is materially beneficial to the council; and

d.         Negotiate any modifications, alterations, or additions to the existing Planning permission and planning agreement which might be necessary or desirable, including conversion of affordable homes to more genuinely affordable tenures.