Issue - meetings

To update the Welland Homes Business Plan, and to put in place the necessary arrangements for Welland Homes to commence delivery of a housing development at Parkside Crescent, Spalding (report of the Portfolio Holder Finance and the Executive Director Commercialisation (S151 Officer) enclosed).

(Please note that the appendices associated with this report are not for publication by virtue of Paragraph 3 (Information relating to the financial or business affairs of any particular person (including the authority holding that information)) in Part 1 of Schedule 12a of the Local Government Act 1972, and are therefore attached to this agenda as item 13.)

Consideration was given to the joint report of the Executive Director  Commercialisation and the Portfolio Holder for Finance, which updated the Welland Homes Business Plan, and requested that the necessary arrangements for Welland Homes to commence delivery of a housing development at Parkside Crescent, Spalding, be put in place.

Members discussed only the principles of the report and not the specific financial details; so there was no need for the meeting to go into private session.

DECISION:

a)    That subject to business plan and subsequent changes to budget being approved, the sale of the land at Parkside Crescent be approved.

b)    That subject to the business plan and subsequent changes to the budget being approved, delegated authority be granted to the Executive Director - Commercialisation (the S151 Officer), to approve the terms of any loan agreements required and the value of any periodic cash flow payments to be made to the company.

RECOMMENDED TO COUNCIL:

c)    That the amendment to the Welland Homes Business Plan be approved, and that the Capital Programme, included as Appendix E to the draft Budget, Medium Term Plan and Capital Strategy Report to Council on 28 February 2018, and considered at Item 7 of the Cabinet agenda, be amended to reflect the amended programme set out in paragraph 1.18 of the report before Cabinet at item 10 of the agenda.

d)    That the delegated authority, granted by Council on 25 March 2015, to the Executive Director – Commercialisation (the S151 Officer), to approve the final mix of use of reserves and borrowing in line with the business plan and Council Treasury Management Strategy, be reaffirmed.

(Other options considered:

·         Do nothing;.

Reasons for decision:

·         To enable Welland Homes to proceed to contract stage for the proposed development at Parkside Crescent, Spalding.)